New home inventory is at its highest level since just before the housing market collapse that led to the Great Recession, but that doesn't mean it's the same market

The U.S. housing market’s inventory is growing, putting pressure on prices and slowing new construction, according to fresh research from the Bank of America Institute . As of June, existing-home supply reached 4.7 months, the highest level since July 2016. New-home supply surged even further to 9.8 months—its highest point since 2022—highlighting how quickly inventory is building across the housing market.

The influx of available homes reflects sluggish demand, with builders citing weak buyer urgency, affordability challenges, and lingering job instability. The Institute noted new-home inventory is now at its highest level since 2007, the year before the housing market collapse that led to the Great Financial Crisis.

ResiClub co-founder Lance Lambert told Fortune that the rising