The COVID-19 pandemic accelerated the rise in consumer prices, significantly impacting the housing market in the U.S. Home prices surged, leading to a housing affordability crisis. As of February 2025, the average home on the market was listed at $412,000, up 38% from January 2020. Factors contributing to this crisis include a housing shortage driven by zoning issues and high material costs. Additionally, mortgage rates are at their highest in 15 years, further complicating affordability, but some regions remain accessible for potential homeowners.
"Home prices in the U.S. have surged in the years since the pandemic, giving way to a housing affordability crisis, despite some areas maintaining affordability."
"As of February 2025, the typical American home was listed at $412,000, representing a significant increase from the pre-pandemic median list price."
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