There are multiple factors at play, Eppli said, but ultimately the problem is one of supply and demand: too many buyers competing for a limited number of homes.
Contributing to demand are historically low interest rates, which have made home ownership affordable for more people.
And millennials — the largest generation in U.S. history — are now in their 30s and late 20s, the time when most folks start families and buy a home.
To put the numbers in perspective, there are almost half a million more 33-year-old Americans than 43-year-olds, according to Census Bureau estimates. And just behind them…