Former Housing and Urban Development Secretary Ben Carson predicts home prices to continue to climb if Congress passes a proposed massive spending bills that devote trillions to infrastructure and social programs.
“My advice is if you’re going to buy, buy now,” Carson told the Washington Examiner in an interview Wednesday.
“If we pass some of these acts that Congress is talking about right now, these multi-trillion-dollar acts, pumping that kind of money into the economy without a concomitant increase in goods and services is the formula for gigantic increases in inflation,” said Carson, a former surgeon and secretary of housing and urban development under former President Donald Trump. “So you’re going to wind up paying a whole lot more for a house.”
New Biden program aims to boost the number of affordable homes on the US market by accelerating the building of 100,000 pre-fab manufactured single family homes.
In July, our country’s housing supply was 12% lower than it was a year before. In addition, the median selling price of a home went up 17.8%, according to the National Association of Realtors.
When number of available homes continue to stay low or even decrease, prices will continue to go up.
“The large and long-standing gap between the supply and demand of affordable homes for both renters and homeowners makes it harder for families to buy their first home and drives up the cost of rent,” the White House says, in a statement announcing the plan.