The US Housing market is 6.5M homes short because of a lack of new home construction from 2012-2022. More than 15M new households were formed during this period, but only about 8M homes were built. The lack of new home construction since the latest housing crash of 2008 and the Great Financial Crisis has led to a significant shortfall of single family homes.
To cover the shortfall the current number of homes being built would have to triple over the next 3-4 years. It is not only unlikely that this will happen, but that builders will continue to under build new homes.