Because the other side of supply is demand. Demand increased as 2 income couples now want to both have a home office to work from home, salaries went up from th

Because the other side of supply is demand. Demand increased as 2 income couples now want to both have a home office to work from home, salaries went up from the great resignation, savings increased due to lack of anything to spend on, and rates were incredibly low. Basically the perfect opportunity that made everyone ready to buy at the same time. Some amount of people moved from a HCOL area to a LCOL area and kept the same salary so they could afford to spend more as well. This all led to the people thinking they need to buy now or they are going to miss out which further increased demand.