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Both building permits and housing starts are at record lows.
The good news is the absolute number of new homes in inventory is moving toward a statistical median amount. Take a look at this chart:
It looks as though 300,000 at the national level is about normal. But there's a problem with that number:
Home sales are down to such a degree that the months of available inventory is at sky high levels.
In other words, there is little reason to build more houses right now.
