In this report, we take a look at the current state of the U.S. housing market, specifically digging into the details of the growing imbalances in for-sale and for-lease inventory and what we expect to see in the coming years. While this is not a new story, the current disparities between supply and demand in both for-sale and for-lease markets have reached record highs. Some factors contributing to the acceleration of demand for single-family homes (like the pandemic) may go away, but even if supply increases and demand stabilizes tomorrow it may take 1-2 years to normalize inventory to 2018-19 levels. We expect the effects of these supply-demand imbalances will persist and only gradually reverse over time. It may be several quarters before we see more normal rates of growth in home prices and rents.