The authors cite 7 key reasons for the trend in the above PDF:
1. Increased informational efficiency - It's easier than ever to shop for and find homes.
2. Accommodating fiscal policy- Rates spent longer than ever at lower-than-ever levels. Owners who refi'd at these rates have
little incentive to give up their mortgages.
3. Remote Work - Everyone moved to the suburbs!
4. Institutional Investors- Housing has been a fashionable investment on Wall St and these institutional investors account for
a significant amount of demand--especially in the lower price tiers.
5. Restrictive Zoning - Certain metros have rules that prevent higher density housing, thus increasing demand for single family homes.
6. Supply Chain - Land, labor, and material shortages only hurt housing availability further.
7. Rooted Sellers- See number 2 above, but also consider that a starved inventory situation only creates an additional reason
for sellers to stay put.