(FORTUNE) – If you’re in the market for a new house, gear up for another wild year, because prices are high, and the number of new homes for sale is down – way down.
Veterans of the brutal 2021 housing market may remember last year’s housing supply shock. The inventory of homes for sale dropped 53% between April 2020 and April 2021, according to data from realtor.com. And the prospects for 2022 aren’t looking much rosier.
"We're forecasting a whirlwind year ahead for buyers – especially first-timers – as demand outmatches the for-sale home supply recovery,” Danielle Hale, chief economist at realtor.com, told Fortune.
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