House Arrest: How low inventory is slowing home buying

Nationally, the number and share of starter and trade-up homes on the market has decreased over the past four years. We find increases of premium home prices are strongly correlated with a drop in the number of trade-up homes on the market, while a larger share of homes owned by investors is likely affecting the supply of starter homes.

America is experiencing a housing shortage. Not only are there fewer homes available to buyers of all income levels, those just starting out or making their first foray into home ownership are worse off than they’ve been in years.

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