The US housing market continues to face uncertainty and record-high unaffordability as home prices and interest rates push sales to their lowest level in 30 years, according to The State of the Nation’s Housing 2025 report by the Harvard Joint Center for Housing Studies (JCHS). The report highlights the record-high number of cost-burdened renters, the staggering increase in cost-burdened home owners, and the pricing out of first-time home buyers. …Builders have responded to these issues with smaller homes and mortgage rate buydowns, and while the new homeownership rate continues to fall and existing home sales hit a 30-year low, new home sales increased by 3% last year. The JCHS report notes that increasing housing supply would help alleviate the crisis. Zoning reforms and revisiting land-use policies can be used at the local level.