Spring is supposed to be when listings come out of hibernation. Sellers who waited through winter finally put the sign up, supply loosens a little, buyers get more choice.
This year it's a trickle, not a flood. I've watched the same three streets for months and barely anything new has come up. Whatever's driving that, people not wanting to sell into a market where they'd just have to buy back in at the same inflated prices, or genuine reluctance to give up a low fixed rate from a couple years back, it's keeping supply artificially tight on top of an already tight base.
For sellers, it's a good time. For buyers, spring hasn't delivered the relief it usually promises. I don't think that changes until either rates come down enough to unlock people sitting on cheap fixed loans, or prices correct enough that holding no longer feels like the obviously smart move.