Are We In A New Housing Bubble?

Since May of 2020 the housing market has seen an incredible amount of demand, most of it driven by the historically low interest rates combined with the ability of a lot of people being able to now work from home.  Multiple bids, escalation clauses, and “highest and best” offers have become the norm as a result of this “Pandexodus” environment.  So many of my clients ask me “How long will this last?” or “Is this a bubble that will result in a correction as we saw in 2006-2007?” This article from USA Today helps answer those questions, as well as giving an example of the market forces that could perhaps push down prices. It is definitely worth a read: https://www.usatoday.com/in-depth/money/2021/02/04/homes-sale-we-housing-bubble-prices-outstrip-wages/6671282002/