I think the N-hundred pound gorilla in the room is the vast pent-up foreclosure inventory. Widespread “foreclosure moratoriums” and banks’ unwillingness/inability to quickly bring REOs to market is IMO the single major reason affecting current supply/demand balance. Soon or late the floodgate will open.
As for multiple offers on a single property, $20 says that only happens to a very limited number of reasonably priced listings.
