The U.S. faces a housing shortage of 2.5 to 5.5 million units, driving affordability issues despite higher interest rates cooling the market. New home construction varies across metros, with Raleigh-Cary, NC, and Austin-Round Rock, TX, leading in new housing units authorized per 1,000 existing homes. Most metros saw declines in new housing authorizations from 2022 to 2024, while median home prices remain high.
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