Despite the worst inflation in four decades moderating toward the end of last year, consumer price index inflation has stagnated at 6%, in large part due to sky-high real estate prices, which comprised 70% of February's CPI increase.
Goldman Sachs has found that the United States is alone in the resiliency of its housing market. While the Federal Reserve hopes that its interest rate hikes will specifically quell housing demand through rising mortgage rates, American housing prices will only decline a total of 5% compared to double-digit declines in New Zealand, Canada, Sweden, and Australia.
The obvious culprit of this shortage can be explained in the solution. A study by Realtor.com found that the dearth of single-family homes compared to household formation over the last decade grew to an astounding 6.5 million homes.
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