While demand should continue along its gradual path of recovery, it will likely take several months to bring inventory levels back into balance.

With prices and interest rates at their lowest levels of the past few years, market conditions are ideal for buyers waiting on the sidelines.

Annualized sales have been running at less than 70,000 units for the past 18 months — well below the long-term trend of over 90,000 sales, indicating substantial pent-up demand given the robust growth in population in recent years.

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