>broken

Yeah, your intuition is correct. In my town which is NOT a well known big money zip code, there are no houses on the market. 2 years ago every single street had signs, now there are almost none. The one house a block over from me sold for 485k and was listed for like 24 hours before it sold, it was a new construction in 2016 for 275k... Nobody is selling because they are locked into good rates, selling now means you are looking to go bigger in many cases and the bigger means a new mortgage with a shitty interest rate on houses that are insanely priced. The whole market is priced out, i think hartford courant ran article that there are only like 330 houses in the whole state that are less than 300k. It seems like there are more than 330 people/families that are looking for their first house....but there is no new inventory getting built.