According to the above report by the Real Estate Center at Texas A&M University, national housing inventory declined 32.6 percent year over year, and the inventory of newly listed properties declined 13.4 percent
Baby boomers are not moving. Perhaps potential sellers do not want to move during a pandemic. People are not moving for job transfers because many employers are allowing people to work from home.
Large number of homeowners are refinancing to take advantage of historically low mortgage interest rates and release equity from their homes. This makes it easier to stay even if income is down.
The pandemic halted or slowed construction activity. Recent data suggest housing starts will start coming back.
The short-term limitation of construction labor due to COVID-19 should be overcome, but this will take some time.
Buyers should not panic-buy but instead should be patient. It may be a good time for sellers to sell and obtain a good price.