There are just over 0.83 months of completed supply (red line). This is about two-thirds of the normal level.

The inventory of new homes under construction is at 6.22 months (blue line) – well above the normal level. This elevated level of homes under construction is due to supply chain constraints. This is the all-time record; above the previous record set in 1980.

And a record 110 thousand homes have not been started – about 2.24 months of supply (grey line) – more than double the normal level. Homebuilders are probably waiting to start some homes until they have a firmer grasp on prices and demand.