The U.S. faces a housing shortage of 2.5 to 5.5 million units, driving affordability issues despite higher interest rates. New home construction varies across metros, with some areas like Raleigh-Cary, NC, and Austin-Round Rock, TX, leading in new housing units authorized per 1,000 existing homes. However, most metros saw declines in authorized units from 2022 to 2024 amid high costs and mortgage rates. Median home prices remain high nationwide.
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