WE'RE GOING TO NEED TO IMPORT A LOT MORE BUILDERS:

The big picture: Millennials are getting older and entering a new stage of life, casting off their long-held moniker as the "renter generation," Realtor.com senior economist George Rati says.

The oldest millennials are turning 40 this year, and they want more space for their growing families.

First-time buyers are also ready to build equity, have more space, and take advantage of low relatively mortgage rates.

The state of play: Homebuyers are entering a competitive market, with inventory down and home prices surging across the board. Low mortgage rates give buyers more power, but there has to be a home to buy to take advantage of current deals.

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