Is There More New Construction Than Renovated?

The number of completed homes available for sale is almost as low as it's ever been since this data began being recorded in 1973. On the other hand, we have a record number of properties under construction that will gradually come to market over the course of the year. They've built up like that because of supply chain disruption and labor shortages. When the balance of these properties that are under construction eventually comes to market, you'll see the supply kind of dry up after that in terms of new housing development.

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