If you’ve been following real estate headlines lately, you might have noticed some buzz about new home inventory reaching its highest point since the 2008 housing crash. For anyone who lived through that time, it can sound alarming. But before jumping to conclusions, it’s important to take a closer look at what’s really happening in today’s housing market.
Why This Market Isn’t 2008
Yes, the number of new construction homes has risen, but that’s only part of the story. What you see online often focuses on attention-grabbing stats without the full context. To understand inventory, you need to consider both new construction and existing homes already lived in.
When we look at the bigger picture, overall housing supply today is nowhere near the levels of oversupply we saw leading into the crash. In fact, the market is still working to catch up after years of underbuilding.
Builders Have Been Playing Catch-Up for Over a Decade
After the 2008 crash, builders pulled back significantly. For more than 15 years, they didn’t build enough homes to match the growing demand. This long stretch created a major shortage—one that communities like Tacoma, Puyallup, Auburn, and Sumner still feel today.
Even with recent growth in construction, experts estimate it would take more than seven years of steady building to close the gap nationwide. That’s why areas such as SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake continue to see competitive markets despite new developments.
What This Means for You
The bottom line? Today’s housing supply looks very different from what we experienced in 2008. While new construction is growing, the demand is still strong, and we’re far from an oversupply.
If you’re considering buying or selling in South King County or Pierce County, staying informed about local trends is key. You can explore more insights and guidance on real estate in Washington to help you make confident decisions in today’s market.
