We're seeing a clear slowdown in new home construction nationwide—permits are now 19.4% below pre-pandemic levels, and this decline has persisted for 44 months straight. Factors like rising costs, elevated mortgage rates, and ongoing affordability challenges are making it tougher for builders, all while the U.S. still faces a 4.7 million housing unit shortfall. In my two decades of helping Bay Area clients navigate the real estate market, I've witnessed how shifts like these ripple out to affect local buyers and sellers. Understanding these broader trends is key to making confident decisions, especially in regions like ours where housing supply and affordability are always top of mind. My commitment has always been to keep clients informed and focused on their goals, no matter how the market changes.
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