Rather than more statistics, here’s an anecdote that hits the same themes we’ve discussed recently. I’m sitting in the bleachers at a little league game. The younger couple next to me is discussing their own efforts, and the efforts of their parents, to find houses in Lubbock. The conclusion of both buyers was that it makes no sense to list their existing homes until they can find something to buy. Supply is limited enough that it is becoming a headwind to more supply. People need replacement housing. They say that the cure for high prices is . . . high prices. Those high prices should motivate sellers, but the need for a replacement plays into that math. Folks looking to downsize are not as enthusiastic when the price-points down the supply chain don’t meet their expectations. People looking to expand have a reciprocal reaction when their dollar buys less.

True to seasonal expectations, our Mover’s Moving Index hit 252 in March. So it’s not a conclusion that the input costs (e.g. labor, lumber, etc.) are insurmountable, but it does raise the question of where we’d be but for those challenges.