Key Points:
Nationally, months supply of housing has returned to similar levels seen from 2016 to 2019.
- Supply conditions continue to be somewhat looser relative to 2016 – 2019 levels in Southern and Western states while conditions are relatively tight in the Midwest and Northeast.
Change in Months Supply: 2Q 2026 Relative to 2Q 2016 - 2019 Average
Residential housing permit issuance has slowed across much of the Sunbelt where supply conditions are relatively loose.
Year-over-Year Change in Cumulative Residential Permit Issuance
