Fundamentally, the most probable reason for housing being at such high levels currently has to do mainly with the loan forbearance. This will not last for much longer as most of them will be expiring by the end of this year / early next year. Technically we can easily speak of this narrative and conclude that soon there will likely be a major correction in valuation due to a lack of demand or a spike in supply. If we go back to our fundamentals they are coinciding very well with the technical data. As the loan forbearance is concluded, the market will be flooded with foreclosures and short sells bringing us to our "E" wave on the chart. This 65% crash will perhaps be the most opportune time to purchase a home. The pattern outcome will likely push the value of homes in the next boom cycle upwards of 300% from this prospected bottom. Fundamentally this has everything to do with the rise of inflation. It will take many more Dollars to purchase a home in the future.
This is only my opinion and not trade or financial advice.
This is only my opinion and not trade or financial advice.