People living in homes financed with a generous rate (~3% like you mentioned) mortgage are unlikely to move - that's correct. However, that's not the only piece

People living in homes financed with a generous rate (~3% like you mentioned) mortgage are unlikely to move - that's correct. However, that's not the only piece of the puzzle. Keep in mind that home builders have recently produced at the highest level since 2008 [1]. When you pair this with high rates [2], it's likely that we will see inventory sitting on the market. [1] https://calculatedrisk.substack.com/p/new-home-sales-decrease-sharply-record-02a https://calculatedrisk.substack.com/p/new-home-sales-decreas... [2] https://www.freddiemac.com/pmms https://www.freddiemac.com/pmms