No inventory.
Michael Gifford, 6-15-2023, AZ Big Media author, "5 reasons we won’t see a housing market crash anytime soon," AZ Big Media, https://azbigmedia.com/real-estate/5-reasons-we-wont-see-a-housing-market-crash-soon/ ---ML
Over the last few years, the demand from lack of inventory has been one factor driving that home price appreciation. Back in 2008, during the housing crisis, many tiny home builders went out of business, and new builds plummeted. New builds started to pick up again, but the global supply chain shortage increased the cost of construction materials like wood and slowed the progress.
New home listings are at a record low, according to Realtor.com’s January Housing Trends Report, which showed new listings were down about 5% year-over-year in January. Compared to the previous month's 21% decrease and November's 17.2% decline, the current rate of decline is significantly lower. Despite this improvement, new listings still lag behind pre-pandemic levels between 2017 and 2019 by 25%.