High demand created the housing bubble in the mid-2000s. When the economy took a hit, the bubble burst, and by January 2009, the supply of available homes hit a record high of 12.2 million. In March 2021, the pool is at 2004 levels, with 3.6 million available units. The limited availability of homes and the soaring costs of raw materials for new construction have caused home prices to increase to record levels.

At the center of it all? The coronavirus pandemic.

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