If it was just supply (low) vs demand, then people logically would have bought earlier before prices went up.
This seems like panic buying (FOMO) - people buying because prices are rising and they don't want to risk them to get worse, or maybe they see it as a perverse sign of value (like people buying momentum stocks).
Maybe I'm just jaded from being in Seattle too long where "200k over asking despite already high prices" has been a regular thing for like... 10+ years?
