Housing inventory is rising, improving affordability in major U.S. markets, but sustained construction and job growth are needed to meet demand. By early 2025, 96% of tracked metros narrowed the housing supply gap, with notable improvements in California and other areas. Urban Honolulu still faces the largest shortage, though it improved from last year. Anchorage saw increased shortages. Overall, single-family building permits issuance has significantly improved since 2024.
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