There is pent up demand for real estate. Young people have been renting in the big cities and sitting on the sidelines. They were enjoying their single city life until Covid hit.
After 7 months of sitting in their 600 sq ft apartments with nothing to do they are on the move out and their wealthy parents are helping out with the costs.
Now that the can work remotely they can live anywhere.
The biggest problem is many of their parents are reluctant to move and new building has slowed, the result is a shortage of properties for sale.
I think what you're seeing now is the homes that are being listed are way over priced because these people are not really motivated to sell unless they can score an enormous profit.
Obviously historically low interest rates help.
Many baby boomers are taking advantage of these low rates and a run up in property values to refinance their homes and help their kids buy homes.
My brother inlaw just did this and bought a home for his daughter in cash.
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