We don't think so. This isn't like 2008 or previous real estate corrections. The demand for homes is still very high and the inventory for resales and new construction is still very low. NAR reports that housing is 5 million homes short.
The number of listings nationwide is typically 2 million and is currently just over 900 thousand.
It's no better in the rental market. Tough to find a place to rent.
Folks are couch surfing, shacking up, doubling up on roommates, and having several family units live in one place.
A year ago we were renting our house in Florida for $3,000 a month. Owner decided to sell and we couldn't find a comparable rental for less than $4,500 a month. Thought we were going to have to live under a bridge. Bought the place instead. Now, a year later, our house is rentable for $7,000 a month and for-sale price is $120 thousand more than we paid for it... all in less than a year. Crazy!
So no we don't think the market is ready for a correction nationwide. Demand may flatten because of rapidly rising inflation and inventory may become more available, but that will depend mostly on your location. Markets, after-all, are local.
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