since work from home and the need to commute long distances should be diminishing. People upgrade their home every 2 or 3 years now. My parents lived in 2 homes their entire lives. Many of their kids have lived in 5-10 homes in just 20 years. The constant search to upgrade has a huge impact on demand.

Many of those people upgrading keep the prior home as a regular rental, vacation home or short term rental. That keeps inventory down and demand up.