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For a few months now it has been obvious that the supply of homes for sale is way down.  There are not a lot to choose from.  A much more common type of market has many more homes that are for sale.  

Why are there so few listings for sale?

One theory states that sellers who must buy a new home when their existing house is sold are reluctant to assume a new mortgage at a much higher interest rate.

Another idea is that these people who do want to move have very little to choose from so they are reluctant to get a quick sale and then not find a new home themselves.

Also, during the enforced confinement of the pandemic, homeowners took a much closer look at their surroundings and did a lot of home repairs and remodels, so now the homes are much more appealing to the owners and the need to sell isnt great.

And finally with the onset of work from home, people do not have to sell their homes if they get a new job or a transfer.  They are happy to stay put.

Like everything else in real estate, this too shall pass, but for now there is no sign of its passing