The U.S. housing market emerged as a dark horse in the coronavirus-led economic downturn. A combination of massive suburban migration with low mortgage rates made homes sell like hotcakes. While demand for homes continues to rise, the supply side faces hurdles from lumber shortage making homes pricey, Yahoo Finance says.
Despite the cons, the housing market boom is not likely to slow down any time soon, thanks to millennial homebuyers. Remote working practices will continue post-pandemic and this makes millennials buy homes in suburbs and rural areas.