Real estate analytics company Zillow said it’s because of the lack of construction after the housing market crashed. Between 1985 and 2000, there were 3.9 permits issued for single-family homes throughout the U.S. per 1,000 residents. According to a Zillow analysis, if that historic rate had continued over the past decade, there would be about 6.3 million more single-family homes in the housing stock. But since 2008, that rate dropped — to just 1.9 permits per 1,000 people. The national market would have to add 1.3 million homes per year for five years to catch up.
Source: Tampa Bay Times