These 2 stats show how tight the US housing market has become in the last year

• The US housing market is historically unaffordable, and home sales and inventory remain low.
• National Association of Realtors data shows existing-home sales are down 16.6% from last July.
• At the same time, total housing inventory is 14.6% lower compared to a year ago.

Americans are facing a historically unaffordable housing market thanks in part to the Fed's high interest rates and a decade of under-supply of homes across the US.