Sums it really, the 100k-200k income earners just sitting tight. I will say almost everyone of our friends or kids friends parents already owned pre-Covid, even those with alot of equity in their home, it doesn't make sense because as it would just be a lateral move with a higher interest rate even with a massive down-payment.
The 1 million+ housing market is interesting, those rarely sold pre covid, those just sat forever and ever. Now, going like hotcakes..lol.