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They really buried the lede on this one. Tight supply and high mortgage rates is leaving a lot of pent up demand. We can keep hoping for a correction, but I'm not being on one quite yet.
There is no supply because private equity is buying so many homes
But they're still building.... 650ft² "luxury" condos for $2600/mo. Utilities and renting shitty "common room" all extra of course.
What's the actual data on this?
I'm sure PE is buying some homes, but that's a different statement from the much stronger claim that they're buying so many that they're directly creating a shortage.
Here's some data I found.
As is true in most things, it's complicated. PE buying houses in large numbers is not the sole cause of the housing crisis, but a contributing factor.
https://www.cnbc.com/2023/02/21/how-wall-street-bought-single-family-homes-and-put-them-up-for-rent.html