Housing Supply is still short several million units according to Freddie Mac's chief economist, but new houses are produced at about 1million per annum in the last year or two which is starting to get close to or above the amount the American Housing Market needs when looking at US population growth through births minus deaths plus net migration into the US plus housing obsolescence and losses from acts of nature.
Mortgage Interest rates were at 50 year lows last year and the pandemic really juiced demand but the doubling of mortgage rates in the last six months is allowing the inventory of existing houses for sale to increase from an unhealthy 2.3 months to closer to 3 months supply and moving to 4 to 6 months supply.
The NAR believes a 6 month existing housing supply is a balanced market between supply and demand.
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