Part of the reason volumes have been so low is that there was a surge of activity during the pandemic. With record low mortgage rates, newfound work mobility, and the need for more domestic space, millions of people changed their living situation in 2020-21. It's hardly surprising that we've had a fallow period—a housing hangover—after the frenzy. The good news is that 85% of the excess activity from 2020-21 has now been swallowed by the last few years of market quietude. There are nascent signs demand is returning to more typical levels.
