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Decades of chronic underbuilding left the US housing market with a colossal gap between consumer demand and nationwide supply, according to a new report from the National Association of Realtors.

Home sales surged to a breakneck pace after the pandemic, and the market is now under immense pressure from a lack of available units. Inventory sits near record lows, and efforts to shore up supply have been curtailed by soaring materials costs and lot shortages. The supply-demand imbalance risks intensifying an affordability problem that’s already slammed millennials as they approach peak homebuying age.