It’s a supply and demand problem, but it’ll take years to play out. Too many people are locked into 30-year mortgages with 26-28 years left at 2-3% interest. Th

It’s a supply and demand problem, but it’ll take years to play out. Too many people are locked into 30-year mortgages with 26-28 years left at 2-3% interest. They’ll basically never sell (barring a major issue like having to move for a job after layoff or a divorce). So the supply of housing is much lower than normal all across the country. In some areas new construction can pick up some of that slack, but new construction is just getting into swing after a huge drop early in the pandemic.