U.S. Housing Market Needs 5.5 Million More Units, Says New Report

Construction of new homes in the last two decades lagged behind historical levels, contributing to a recent surge in home prices

Construction of new housing in the past 20 years fell 5.5 million units short of long-term historical levels, according to a new National Association of Realtors report, which is calling for a “once-in-a-generation” policy response.