TORONTO — The Building Industry and Land Development Association says the Greater Toronto Area's supply of newly constructed homes last month hit its second-lowest level since it began tracking that data about 15 years ago.

The group says there were 15,184 new homes in builders' inventories last month — about half of the 31,150 that existed exactly 10 years ago.

The lowest recorded inventory level in at least 15 years was set in August of this year, at 15,100.

Read more: Local policies, Nimbyism are killing off housing construction, pushing up prices