![]() That makes long-term planning even more crucial for aspirational homebuyers. As a result, homebuyers are unlikely to get relief from rising prices anytime soon. The pace of new home construction and existing home turnover means it will take many months for the housing supply to reach a healthy level again. "In the next three to five years we're still going to be experiencing tight housing supply," she said. The National Association of Home Builders estimates that new homes are being constructed at a rate of 1.42 million per year, which Gay Cororaton, senior economist and the director of housing and commercial research at the National Association of Realtors (NAR), said is not sufficient to address the current shortage. How long will the housing shortage continue? Too many interested buyers and too few available properties are pushing home prices higher. New home construction has started to pick up as the weather has improved, but builders can't keep up with demand. An unprecedented shortage of available homes for sale means many properties often see multiple offers, and low mortgage rates have been pushing prices up. If you're looking to buy a home in the months ahead, get ready for stiff competition and relatively high prices in much of the country. Woman architect looking over blueprints at home construction site.
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