Below are price vs months-of-inventory graphs, alternate depictions of 6 month change in prices versus months of inventory, showing that the most recent dip was the worst since the 2008 recession. Market prices are cyclical so as the spring selling season comes to a close we should expect some (relative) strength and this shows up as months of inventory abating as sales pick up and inventory levels are a bit lower, but note that midway through the year we are still negative. The spring selling season was the worst since the 1990s.
It is looking that prices will continue to be weak through the remainder of 2019 and this will in real terms lead to lower prices for a while longer. And, yes, supply is coming.