Vacancies were also (relatively) high during that time. https://fred.stlouisfed.org/series/ESALEUSQ176N https://fred.stlouisfed.org/series/ESALEUSQ176N I thin

Vacancies were also (relatively) high during that time. https://fred.stlouisfed.org/series/ESALEUSQ176N https://fred.stlouisfed.org/series/ESALEUSQ176N I think this is what matters most. It's good to have some vacancies so that people have options but too many likely indicates there's some speculation/over-building going on that the market doesn't support.