No one can even agree on a number. The height of the pandemic the claim was a 7.2 million shortage. Now some outlets are reporting 4 million and even 3 million.

Look at the fed active listing data. Utah is close to historic norms. Texas and Florida are near all time highs. Tennessee is close behind. Arizona, Nevada and Idaho will always be able to build their way out of any perceived shortages.

For people wanting to live in the northeast shortages will probably always be a thing. Very little building happens there relative the everywhere else. What we saw at peak COVID was a shortage of homes for sale. The actual number of structures was never as bad as advertised and the rapid rebound in inventory is proof of that.