Housing prices nationally appear to be peaking, at least for now. This is no surprise as affordability has dropped and the economy starts to slow.
But it’s a long way off from a “correction” and a very long way off from any sort of price collapse. Hell, we are still up 12% from 2021 alone.
Ivy Zelman, a housing legend, did an interview in which she proposes that what the market is missing, is that this time the speculative buyer wasn’t the subprime buyer like in the 2000s, but the investors. Specifically single family and multi-family speculation by mega-cap investment firms down to small “passive income gurus.” Here’s a quote from her:
See Calculated Risk’s comments on the topic and to listen to the full conversation here.