This will only shift more favorably toward renting if (when) mortgage rates move higher. This is one of the main reasons the Fed backed away from their tapering.
Inventory (supply) bottomed in 2012 and has been rising steadily through 2013.
While existing home sales have risen over the past few years due to strong investor demand, new homes sales have been grinding along the trough at depression levels. Why? Investors, that currently dominate the market, do not have the ability to purchase new homes at the steep discounts available in the existing home market. New home sales make up only 7% of all sales in the post real estate crash world.
Bidding wars on homes, which heated up during the early part of 2013, have cooled down.
h/t Mark Hanson, Dr. Housing Bubble, ZH