Builders completed construction of 1.3 million homes in February, down nearly 3% from the year-ago period, according to federal housing data.
Other cities seeing a significant increase in home prices over the last year include San Diego, California ; Charlotte, North Carolina ; and Atlanta, Georgia , according to Case-Shiller.
"Older Americans who otherwise might have considered downsizing have been slow to act because of lingering health fear," Bill Adams, chief economist for Comerica Bank, said in a report."Also, downsizing offers less cost savings than it otherwise would have since house prices and mortgage rates are so much higher than pre-pandemic."
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