Real estate experts who witnessed the subprime mortgage meltdown, are concerned about today's "unsustainably hot" housing bubble with median home prices skyrocketing from $278,200 in August 2019 to $407,100 in August 2023. They describe this as a classic supply-demand imbalance, indicating a housing bubble similar to the mid-2000s crisis but less speculative due to stricter mortgage lending standards. Despite high mortgage rates, certain cities still see rapid home price gains. Unlike the previous housing bubble, homeowners now have more equity, reducing the risk of widespread underwater mortgages. Experts like warn of a global real estate bubble, while others like Goldman Sachs predict continued price growth. The main issue driving high prices is a significant housing shortage, with experts not expecting a major price crash but acknowledging the need for increased housing supply shortage to address social inequity and market imbalances.
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