From a narrow U.S. perspective, 8 these low long-term rates are puzzling; from a global perspective, they may be less so. The weakening of new capital investment after the drop in equity prices did not much change the net effect of the global saving glut on the U.S. current account.
The demand for extra space at home might level off, or even reverse if people start to spend more time away from home again as the pandemic eases. That said, input prices continue to rise, with lumber prices increasing past their eye-popping 2020 peak, even with much more supply. Longer term, many issues will continue to put upward pressure on home prices and rents.