There are not lots of lots. That's the news from the National Assocation of Home Builders today, via Eye On Housing:

In a recent NAHB survey, 65 percent of builders reported that the overall supply of developed lots in their areas was low to very low. This is up only one percent from June 2017, but significantly higher than the 42 percent posted in September 2012.

The survey consisted of special questions appended to the instrument for the NAHB/Wells Fargo Housing Market Index (HMI) in September 2018. Sixty-five percent is the largest low supply percentage recorded since NAHB began periodically asking the question in the HMI survey in 1997. The 65 percent includes 43 percent who characterized the supply of lots simply as low and 22 percent who said the supply of lots was very low.

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