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The abnormal scarcity — compounded by the region’s long-running underproduction of housing — emerged when homeowners chose not to sell and give up pandemic-era mortgage rates.

"Market for new homes continues to benefit from historically low levels of resale inventory, favorable long-term demographic trends, and the persistent underproduction of homes for well over a decade," said CEO Douglas Yearley.

Decades of underproduction have exacerbated skyrocketing rental prices, put homeownership increasingly out of reach for most Californians and pushed more of our neighbors into homelessness than in any other state.

In fact, it has been estimated that King County needs to spend an additional $450 million to $1.1 billion per year to make up for years of housing underproduction.

L.A.’s decades of underproduction and depth of need show how hard it will be to provide housing.