Construction of long-term housing fell 5.5 million units short of historical levels over the past 30 years.
30-year fixed-rate mortgage averaged 2.96 percent.
The shift has been greatly facilitated by the increase in working from home.
Builder confidence levels have hit successive all-time highs over the past three months.
Mortgage rates average 2.81% | Pound Ridge Real Estate
The inventory of empty units is the largest ever recorded since data started being collected 14 years ago
Mortgage rates fall to historic low of 2.86%
Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.3% annual gain in June