Why is home inventory low at the moment?

[Terry Harris]

I'm seeing and noticing a super low inventory in homes which is causing markets to become super competitive to a point where people are buying homes for above market value. I know the low rates have buyers seeking to purchase homes as well but my question is that if homes are being sold so frequently and some above market value or asking prices, why is the inventory so low? Just trying to get an understanding into how COVID can effect the inventory of homes.