Many people are still renting, but there are also a lot of people taking advantage of low interest rates. The real estate market is very competitive for buyers right now in much of the country for this reason. If you're trying to decide if you should rent or buy, I would suggest contacting a local realtor for advice. Good luck!
The rental market is hot but the single family rentals available are at an all time high because everyone saw the rental market going up and figured they would partake. You can still rent pretty quickly if you price right but the high prices are coming down as many are now buying because of sub 3% interest rates. Good luck with your decision.