As a Realtor here, it is absolutely crazy. I thought it might pop when the foreclosures start hitting from job losses however I am starting to think differently.
Right now, there is such a low inventory because the amount of rental investors buying up property. Rental prices are crazy high so why not have a producing asset.
I mainly list homes. Sold 41 listings last year and I was shocked how many investors especially the rental investors were paying market value for homes. If that is the case then we are going to see low inventory for quite some time.