10.3 Months of Unsold Homes: The Housing Glut Nobody is Talking About

Real estate influencers keep insisting that housing prices can never drop because 'there are no homes for sale.' But official Census Bureau data released today shows new home inventory just exploded to 10.3 months of supply.

The U.S. Census Bureau and HUD released the official New Residential Sales report. New single-family home sales fell to an annual rate of 580,000, while unsold new house inventory rose to 496,000 units, representing a 10.3-month supply of new housing.