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

Months of New-Home Supply

Months' supply: 9.30 months — 9.3 months of new-home supply — a glut that pressures prices and builders. That’s the 93rd percentile of all its readings since 1963.

How we score this: elevated below 3.00 months · watch 3.00 months to 4.00 months · ok 4.00 months to 6.00 months · watch 6.00 months to 8.00 months · elevated 8.00 months to 10.00 months · alert 10.00 months and up full method

Housing Starts · thousands, annual rate

Starts: 1,427 — Homebuilding: up 3% from a year ago — a steady pace. That’s the 48th percentile of all its readings since 1959.

How we score this: alert below -35.00% · elevated -35.00% to -20.00% · watch -20.00% to -10.00% · ok -10.00% to 20.00% · watch 20.00% to 35.00% · elevated 35.00% to 50.00% · alert 50.00% and up full method

Building Permits · thousands, annual rate

Permits: 1,374 — Permitting: down 2% from a year ago. That’s the 49th percentile of all its readings since 1960.

Active Listings (Realtor.com) · millions

Listings: 1.10M — The number of homes for sale is little changed from a year ago, now 1.10 million. That’s the 64th percentile of all its readings since 2016.

Why it isn’t scored: Months' supply, which adjusts for the sales pace, carries this lens's supply verdict; this is the raw count for context.

Listings: up 5 readings in a row, to a fresh high.