Home prices are up, inventory is short, and construction rates are down. And the biggest losers of the historic housing shortage could be first-time Millennial homebuyers, housing experts told Inman News. Rising construction costs, a decline in skilled labor, and dwindling land availability have chiseled away at incentives for developers to build affordable starter homes nationwide–despite a healthy economy–prompting Millennials with pent-up demand for housing to duke it out in all-out bidding wars. “It does alarm me, and it should,” said Matthew Gardner, chief economist at Windermere Real Estate. “The bottom line is, from a pure demographic standpoint, we have almost 80 million Millennials who are getting older. They’re stuck in a dreadful trap, that they would like to buy but they’re having a hard time affording it. It’s very important to get first-time buyers on the first rung of the ladder, which therefore will allow move-up buyers to buy and kind of move everyone …
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