The number of unsold completed single-family homes jumped 31,000 year-over-year in March, to 119,000, the highest since July 2009.
Unsold completed homes for sale have TRIPLED over the last 3 years.
As a share of housing starts, unsold homes jumped to ~12%, the highest since 2012.
By comparison, at the height of the 2008 Financial Crisis, this percentage was as high as 45%.
This all comes as housing demand continues to weaken due to elevated mortgage rates and near-record home prices.
