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Kristi and Josh Medley spent 10 months searching for a home for their family of five in the suburbs of Indianapolis.

\"We went as far as printing up flyers and postcards and went door to door and put some postcards on people's doorsteps saying hey, you know, we love your house, if you would be interested in selling it, please give me a call,\" Josh Medley said.

Realtors and economists said the key problem is that demand for homes is outpacing supply, with many existing homeowners reluctant to sell during the pandemic and not enough new houses being built to meet the surge of buyers.

\"PHOTO:
Bloomberg via Getty Images
PHOTO: Contractors work on single-family homes under construction in the Cadence Park development in Irvine, Calif., April 14, 2021.
>

Backlogs in the supply chain have also increased the cost of building new homes; lumber prices have surged more than 200% in the past year.

\"Builders are now building as fast as they can,\" Tucker said. \"But the U.S. housing market, one year's worth of construction, even with everybody firing on all cylinders, just can't really make up for 10 or 12 years of under building.\"

Twenty-eight-year-old Chanelle Bell and her husband have been living in the Hyde Park neighborhood of Chicago for seven years, saving money to buy their first home there. But she said now they're priced out.

\"The process of doing my due diligence is not matching the speed of how fast these houses are flying off the market,\" Bell said. \"It's really scary, especially as a first-time buyer.\"

New buyers like Bell said they simply can't compete with other offers putting forward all cash or waiving contingencies, like inspections.

\"It honestly feels very disheartening; I followed the guidebook that I was told to follow to reach the American dream,\" she said. \"I'm in a space where realistically I should be able to purchase the house. And yet, that's just not happening as quickly as I would hope. And so I kind of feel -- like -- betrayed a little bit.\"

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