Commentary Evidence is growing that the U.S. and western housing markets are returning to pre-pandemic norms. The U.S. Census Bureau and Department of Housing and Urban Development released national data July 26, showing homebuilders are now offering enough homes to meet current demand for 5.9 months, almost exactly the middle of the five-to-seven month range of 2019, the last full pre-pandemic year in the U.S. During the pandemic, there was strong demand for new housing caused by urban dwellers moving to suburban settings both within their own states and elsewhere. During the 12 months of May 2020 to April 2021, there were only enough new homes for sale to meet 3.4 to 4.8 months of housing demand. Since then, revised data shows that there were enough homes nationally in May to meet five months of purchase demand. Preliminary data for June 2021 shows there was enough for 5.9 months of …