Fewer homes are available for sale, which is a major factor driving the frenzied market.Elliot Njus/Staff

Historically low housing inventory and low interest rates have combined to make the red-hot residential real estate market what it is today — frenzied buyers clamoring to snatch up the few available homes at any price.

The low interest rates are a byproduct of the pandemic, but the low housing inventory has been a trend for roughly a decade — though it was made worse by the pandemic.

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