US Home prices rose more than 40 percent from February 2020 to June 2022

 The pandemic housing price surge may seem reminiscent of the 2000s bubble. But this time really is different, in a couple of ways.

Soaring prices in the 2000s were generally limited to coastal metropolitan areas where zoning requirements and NIMBYism often made it hard to build more housing.

This time, though, prices have soared everywhere

The good news is that one important source of recent inflation, especially high core inflation, may have reflected a one-time shift in people’s housing preferences in response to the pandemic and the changes it wrought rather than an overheated economy in general.

The bad news is that America’s housing affordability crisis has gotten even worse. 

Paul Krugman NYT 30 September 2022

https://www.nytimes.com/2022/09/30/opinion/remote-work-housing-prices-covid.html

U.S. Home Prices  Record High in Second Quarter

WSJ 11 August 2022

https://englundmacro.blogspot.com/2022/08/sky-high-housing-prices-still-threaten.html

https://englundmacro.blogspot.com/2022/07/the-housing-slowdown-could-become.html