What's going on with the U.S. housing market?

Rental Vacancy, Housing Supply, and Prices

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?

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