There are only 409k homes for sale: https://fred.stlouisfed.org/series/ACTLISCOUUS https://fred.stlouisfed.org/series/ACTLISCOUUS The home ownership rate is ~6

There are only 409k homes for sale: https://fred.stlouisfed.org/series/ACTLISCOUUS https://fred.stlouisfed.org/series/ACTLISCOUUS The home ownership rate is ~65%: https://fred.stlouisfed.org/series/RHORUSQ156N https://fred.stlouisfed.org/series/RHORUSQ156N Theoretically, there are close to 30M HH that want to own a home, but don't. That's close to 100:1. More practically, probably only a 1/3rd of them are remotely qualified to buy something they'd want to own, and only a 1/3rd probably actually want to own & are currently interested in houses at this price. That could still be >10 buyers for every house.