My presumption was that this had been caused by the Fed’s quantitative easing and a reduced supply of housing available for sale. Realtor.com’s index for the strength of the housing market is 107.2 (a value of exactly 100 “means the market has recovered to January 2020 pace”). The amount of inventory on the market is an amazing 39% less than at the same time in 2019. Even still, the housing market is unlikely to collapse. Effects on Local MarketsOf the 100 local markets the report discusses, only a single solitary market saw housing inventory increase, and that was urban Honolulu, Hawaii, which saw total listings increase year-over-year by 27.4%.