tothjj has nailed it. It’s the folks rolling over from the sale of a previous home, combined with the remainder of the clueless 100% financing crowd, people who have come into substantial inheritances, with a few $300K/yr households and TJ narcojefes thrown in for good measure. The financially prudent middle-class first-time buyer is not participating, unless rich Aunt Martha just kicked it and left them a $300K windfall.