Same story as last spring, roughly. Listings are up a little on winter, the way they always are, but nowhere near the volume the season usually delivers when the market's functioning normally.
I think part of it now is genuinely psychological rather than purely rate-driven. Sellers who've watched the median climb every year for three years running are in less of a hurry to sell, because holding has been the more profitable move, consistently, for long enough that it's become the default assumption rather than a bet.
That's a self-reinforcing thing. Fewer listings keeps upward pressure on price, which reinforces the logic of holding rather than selling, which keeps listings low. I don't see an obvious circuit breaker for that loop from where I'm sitting.