Housing supply is out of balance — inventory or construction is strained.

Months of New-Home Supply

Months' supply: 9.40 months — 9.4 months of new-home supply — a glut that pressures prices and builders.

Active Listings (Realtor.com) · millions

Listings: 1.06M — The number of homes for sale is little changed from a year ago, now 1.06 million.

Housing Starts · thousands, annual rate

Starts: 1,465 — Homebuilding: up 5% from a year ago — a steady pace.

Building Permits · thousands, annual rate

Permits: 1,423 — Permitting: down 2% from a year ago.