Existing inventory of residential homes is currently just 1.04 million units, or 1.9 months of supply, both record lows. It is partly due to insufficient homebuilding over the past decade, Boomers aging in place, Covid-19 preventing sellers from listing, huge demand by buyers to escape dense cities and decamp to suburbia and more space, low interest rates, forbearance plans, and the seven million single-family homes that have become rentals.