The demand-supply imbalance is narrowing. Preliminary data shows that contract signings during the four weeks fell by 7.4% from one year ago. On the other hand, new listings rose 2.8%. The total active listings are down 24% from one year ago while total pending listings are just up 4% year-over-year. The value of construction put in place for single-family and multifamily residential structures rose to a seasonalized annual rate of $511 billion, up 44% from one year ago. Single-family construction rose 52% while multifamily construction was up 20% year-over-year.