Remember that homes are not stocks; very few people get emotionally attached to pieces of paper or blips on their computer screen, but a house is a home. There are buyers who made a lot of cash on previous homes that just want to have a nice place to live and raise a family. There are also buyers that just inherited a few hundred grand and want to buy a home. They’re not idiots for buying now, just as someone who didn’t buy in 2003 wasn’t an idiot either. Everyone is in a different situation and no one has a crystal ball.
But yeah, they’re probably going down 30% in real value over the next five years between inflation and small nominal YOY declines, so I doubt I’ll be buying for a while…
