The Housing Hangover has Cleared

Part of the reason volumes have been so low is that there was a surge of activity during the pandemic. With record low mortgage rates, newfound work mobility, and the need for more domestic space, millions of people changed their living situation in 2020-

Few would argue that the housing market has been anything but soft over the past few years. But what does 'soft' mean? You'd be hard pressed to make the case that home prices are sufficient evidence: prices have not dropped year-over-year at the national level, though they skirted 0% in the summer of 2023 and again in the latest readings.

Instead, it's t…