US housing inventory
The dominant theme in housing markets across several major economies is the lack of supply relative to demand, which is maintaining house price growth in the face of rampant inflation and rising interest rates - the UK is a prime example.
The US housing market is now rapidly moving back to something resembling more normal conditions (see chart from realtor.com). The national inventory of active listings increased by 30.7% in July compared to a year earlier, a record growth rate.
This is a knock to demand from rising interest rates and the cost of living squeeze rather than a meaningful increase in supply. New listings are broadly flat compared to a year earlier. The rate of house price growth is accelerating and signs of softening come in the form of a rising share of price reductions.