https://www.siliconvalley.com/2021/04/05/jill-on-money-the-real-estate-conundrum-no-houses/

A year ago, the nation’s housing market, like the rest of the economy, went into a deep, COVID-induced freeze. By the summer, the real estate industry had adjusted to socially distanced open houses and buyers were trying to get ahead of what would become a long year of work and school from home.

As we enter the spring, the housing market has a major problem that has persisted for a year: there is a lack of supply amid skyrocketing demand. At the end of February, existing housing inventory remained at a record-low of 1.03 million units, down by 29.5% year-over-year – a record decline. Properties typically sold in 20 days, also a record. With so few properties on the market, bidding wars have erupted, and the median existing-home sales price rose to $313,000 in February, 15.8% higher from one year ago.