That's exactly the issue, there would usually be a considerable amount of people in the market moving to bigger homes, changing neighborhoods, downscaling, but right now if you have a low rate loan it would be insane to give up your loan and pick one with the current rate, so these people generally left the market.

This odd lots episode is a pretty good discussion on the whole subject: https://www.bloomberg.com/news/articles/2023-07-24/how-the-h...