Why it matters: High housing costs are a key driver of the sour sentiment Americans feel about a U.S. economy that by most traditional measures is quite good.
State of play: One gauge of the tightness of the U.S. housing market — the percentage of homes that are vacant — fell to the lowest level on record in August, and ticked up only slightly in September.
Meanwhile, on Friday, data on newly started homebuilding showed an unexpected increase for the second straight month, implying that home builders are making some effort to increase supply.
Yes, but: Housing analysts suggest there is way too little construction to have any hope of meeting demand any time soon.