Commenter "Glenn" had some input on this post. He motivated me to check up on some Census data. I thought what I found was interesting enough to include on a bonus weekend post.
Here is a graph of vacancies:
I think this shows a bit more of a weak supply / strong demand signal than Glenn does.
But, then I looked up household size, which I hadn't looked at for a while.
At this link, there is a graph of household formation that is updated monthly. It shows household formation regaining momentum after a weak 2013.
This is a fun graph, as there is fodder here for any framing. The rise in homeownership could be attributed to baby boomer lifecycles, but the trend suspiciously turns sharply in 1994, when interstate banking expansion was tied to CRA incentives. But, homeownership leveled off before the steepest part of the home price/rent ratio run up. P/R bottomed out back at 1990's levels, which seems about right to housing bubble folks. But it is still below the ratio of the late 1970's, when real rates were previously low, but nominal rates were in the double digits, which confirms the bias of a housing bull like me.