Part 3/8:
Interestingly, despite the addition of 7 million jobs to the economy over the past three years, home sales have remained at just 75% of normal pre-pandemic activity. Lawrence Yun, the chief economist at the National Association of Realtors, candidly acknowledged affordability as the primary concern hindering the market, a sentiment that has been echoed by observers. Many newly created jobs simply do not offer the level of compensation needed to support home purchases at inflated prices.