Lack of Supply Driving Up US Home Prices

Capitol Hill - Seattle - Apple MapsHome prices in the U.S. have risen consistently for the last three years. By that measure, the housing market looks pretty good, but the prices are being driven by a severe lack of supply. And that’s discouraging for many buyers, especially in some of the hottest markets, like Denver.

Take the case of new mom Robin Smith. Her apartment in Denver was too small for her growing family. So Smith and her husband went looking for a house. They found one in the suburbs they really liked, a four-bedroom place listed for $259,000.

“We made an offer $10,000 over the asking price,” says Smith as she bounces her baby on her lap. “There were 32 offers on the home over a weekend.” In the end, her $10,000 over asking price wasn’t even close. It sold for $282,000.

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Authored By Ben Markus – See the Full Story at Marketplace.org

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