While this is one piece of what is happening in the housing market, I am sure there is an undiscussed phenomena that probably represents a much larger piece. We have heard for at least two years(the period since the FED jacked up rates and held them) that the housing market was frozen, in the sense that so small a percentage of houses were being put up for sale because people didn’t want to give up their low rate mortgages.

While that is true for maybe younger homeowners with only a few years of equity and a long term mortgage, another much larger segment of the market is more likely represented by aging boomers. Many of them own their homes outright and others have refinanced at very low rates. Most boomers have 2-3 children, at least. Therefore, at least one of those children have their own family where they are looking to buy a suitable size home if they didn’t already have a low rate mortgage locked in. I believe there are numerous boomers who have sold(whether officially or with a private agreement) to their children and or grandchildren.

Some have a low rate mortgage and just continue making the payments either as a gift/future inheritance or by the buyer paying them and they keep making the mortgage payments. I am sure that a lot more actual homes have been sold(transferred) even if the real estate firms aren’t officially aware of those transactions. https://www.zerohedge.com/personal-finance/mortgage-hack-homebuyers-score-low-rates-finding-assumable-loans