About This Source - CNBC
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CNBC published this video item, entitled “Why Houses Are So Expensive In The U.S.” – below is their description.
With Covid encouraging city-dwellers to emigrate to the suburbs and families looking for home offices and bigger yards, prices for the American dream home have skyrocketed. Home prices surged in March 2021 up 13% from the year prior, according to the S&P Case-Shiller index. With homeowners unwilling to sell, a record-low supply of homes for sale has forced buyers into intense bidding wars. At the end of April 2021 there were only 1.16 million houses for sale in the U.S. down more than 20.5% from the year prior. Higher costs for land, labor and building materials including lumber have also impacted homebuilders. With the 30-year fixed mortgage rate hovering near a 50-year low and strong demand pushing prices to all-time highs, why is the housing supply so meager? Watch the video to find out if the U.S. is running out of houses.CNBC YouTube Channel
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S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. One division of the business, S&P Global Ratings, is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.