U.S. Housing Normalization Continues

The end of panic-buying plus continued building means that inventories are continuing to rise.

The continued strength in construction and the end of panic-buying is helping to rebalance the market for new single-family homes. That should help prospective buyers who were concerned about being “shut out” of the market last year.

The rebalancing is already showing up in the sharp increase in the number of new homes available for sale relative to dema…