Exasperated by limited choices and losing bidding wars, many buyers have been throwing their hands up and opting for a brand-new home.

One would think homebuilders would be jumping at this opportunity. The revival of new-home demand is, after all, what they’ve been salivating for since the construction business went cold during the recent bust. But apparently, they’re not in any hurry, writes the Phoenix Business Journal.

According to Arizona State University’s May housing report, which came out Monday, they have instead been methodically holding back their excitement, keeping the rate of new-home building so low that it’s nowhere near adequate to keep up with population growth or to ease the existing market’s chronic supply problem.