"Most of America's largest homebuilders have publicly stated that the peak 2025 housing market saw softer-than-expected conditions, particularly in many parts of the Sun Belt. This softer housing market environment caused unsold inventory to tick up. Indeed, since the pandemic housing boom fizzled out, the number of unsold completed U.S. new single-family homes has been rising: August 2016 -> 61,000 August 2017 -> 63,000 August 2018 -> 69,000 August 2019 -> 79,000 August 2020 -> 52,000"
"To put the number of unsold completed new single-family homes into historic context, we have ResiClub 's Finished Homes Supply Index. The index is one simple calculation: the number of unsold completed U.S. new single-family homes divided by the annualized rate of U.S. single-family housing starts. A higher index score indicates a softer national new-construction market with greater supply slack, while a lower index score signifies a tighter new-construction market with less supply slack."
Most of America’s largest homebuilders reported softer-than-expected market conditions at the 2025 peak, especially across many parts of the Sun Belt. The softer market led to an increase in unsold completed U.S. new single-family homes, climbing to 124,000 in August 2025. The Finished Homes Supply Index measures unsold completed single-family homes divided by the annualized rate of single-family housing starts. A higher index indicates more supply slack and a softer new-construction market. National supply slack has grown since pre-pandemic 2019 but remains well below the severity seen in 2007–2008.
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