Housing Prices Continue To Soar Due To Supply Chain, Labor Shortages

December marked the third straight month of growth for U.S. builders, but new home prices are still much higher than many can afford.

We're entering year three of a scorching hot housing market, but even if the economy recovers as expected, that won't immediately solve the housing supply shortage across the U.S. The shortage existed before 2020, but the pandemic made things even worse.

Related StoryWill 2021 Housing Market Trends Continue Next Year?

There's a lack of materials due to supply chain bottlenecks, and building companies have struggled to fill jobs amid the great resignation. Low supply matched with high demand has sent prices soaring.