Red-hot housing market: a test for the US soft landing

The house price boom is unprecedented. On a national average basis, prices are up close to 20% y-o-y. Such a trend is unprecedented, either in the bubble of the 2000s or during the Great Inflation of the 1970s. Does this signal a new crisis on the horizon? At this stage, real estate credit standards have not deteriorated, we are not seeing break-neck construction, and more and more millennials are getting to the age where it is common to want to buy a home. All told, the fundamen...