I moved to NJ in 1990 after a housing dip. Realtors told us no homes had been sold in my development of 102 homes in two years. Sellers were waiting for recovery.
They tell us the average mortgage life is 7 years. With a growing family many accumulate equity and then move to something larger. In my current St Louis suburb its noticeable that fast rising prices have allowed many to relocate in as little as three years. On my culdesac of 10 houses three were sold last year. A very hot market.