#USHouseMarketStructureDraft As of early 2025, U.S. housing markets are adjusting to subdued demand and rising supply. Active listings have climbed (~+30% YoY in April) but remain well below pre-pandemic norms. Supply is still tight (about a 3.8-month inventory by late 2024) even as mortgage rates (~6–7%, near decade highs) have risen, curbing affordability. Builders note construction has slowed and confidence is weak (HB index ~46), and many states have responded with zoning reforms (e.g. upzoning near transit) to spur new housing. Amid these headwinds, price gains in 2025 are projected to be in the low single digits.