Affordability Squeeze Depresses Home Sales

Prospective homebuyers are confronting what the National Association of Realtors (NAR) describes as “the most difficult affordability conditions in nearly 40 years.”

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Judging by news reports and opinion pieces in trade publications and mainstream media, the risk of a housing bubble probably ranks as the top  concern of many economists and real estate industry executives today. But fear of resurgent inflation is a close second.  Home prices and a housing shortage are feeding the bubble fears, as we’ve discussed before; consumer prices and an increasingly rocky labor market recovery are creating the inflation jitters.

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The housing market is crazy!  More than one industry professional has reached that conclusion, watching trends that seem inconsistent, if not contradictory. 

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Is the housing boom creating a dangerous bubble?  In every boom-and-bust real estate cycle – and there have been a lot of them – experts have suggested and consumers have believed that the boom they were seeing, unlike all the others, would not be followed by a decline.  And every boom-bust cycle in the past has proven them wrong. 

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Reports on housing market conditions during the past year have chronicled the disconnect between an economy hobbled by the pandemic and a housing market that seems to exist in an alternate universe, seemingly unaffected by lockdowns, job losses, and economic uncertainty.