Summary
President Donald Trump has urged U.S. homebuilders to increase construction to address the ongoing housing shortage. The U.S. faces a significant gap in housing supply, and high home prices continue to affect the market. President Trump has asked for support from mortgage firms to encourage new building.
Key Facts
- President Trump asked U.S. homebuilders to build more homes, citing 2 million unused lots.
- The housing shortage is partly due to too few homes built after the 2007-2010 mortgage crisis.
- In 2024, the housing shortage in the U.S. was estimated to be 3.8 million homes.
- Home prices are still rising, with a median sale price of $439,278 in August 2024.
- Home sales have declined by 2.3 percent despite inventory increasing by 10.6 percent.
- President Trump compared the role of homebuilders to OPEC's role in keeping oil prices high.
- Fannie Mae and Freddie Mac could potentially aid in speeding up new home construction.
- Builders are using price cuts and sales incentives to attract buyers.
