With the latest Case Shiller home price data – which lags a bit still – real home price gains nationally are only up 0.3% year over year. Meanwhile, the 10-city composite is still down -1.2% and the 20 city composite is down 0.7%. The longer we stay at these levels, the better it is for everyone.
Even though existing home sales for 2019 were flat, the monthly supply of homes, which had been increasing early in 2019 compared to the previous year, dropped noticeably later in the year. This happened as housing demand picked up.
Homeowners, who in the past would move into larger homes after five to seven years, are staying in their homes much longer.
So what does this all have to do with a housing bubble?
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