For all the talk of people fleeing cities and buying homes, rental vacancy hasn’t really moved:
And although the housing supply dipped temporarily, it’s back to a pre-pandemic normal level:
In terms of cost, home prices adjusted for inflation are at 2008 levels, which is freaking people out:
But not all price metrics are code red - relative to personal income is flat:
And, between these two is home prices relative to renting, which is up:
Overall, it’s definitely not 2008 but that doesn’t mean homes aren’t expensive. Then again, what isn’t costing more these days?