Zillow says total inventory fell from a monthly average of 1.6 million homes in 2018 and 2019 to just over 1 million in 2021.
There's good news for future home buyers.
The housing market is expected to return to pre-pandemic, 2019 norms - at least in terms of inventory, according to Zillow.
According to the company's Home Price Expectations Survey, inventory should return to a monthly average of 1.5 million units or higher in 2024.
This is based on 38% of respondents to Zillow's survey, the largest group. Others are much more optimistic.
The second-largest group believes supply will bounce back to pre-pandemic levels in 2023.
"Inventory and mortgage rates will determine how far and how fast home prices will rise this year and beyond," said Zillow senior economist Jeff Tucker. "We are seeing new listings returning to the market, slowly, as we enter the hottest selling season of the year, but this supply deficit is going to take a long time to fill."
Zillow reports total inventory has fallen from a monthly average of 1.6 million homes in 2018 and 2019 to just over 1 million in 2021.
To read Zillow's full report, click here.