https://x.com/heimbergecon/status/1943925791055917417
As for how it all happened, I don't have a comprehensive exploration of this to share, but look at interest rates and house sale prices:
https://fred.stlouisfed.org/series/MORTGAGE30US
https://fred.stlouisfed.org/series/MSPUS
Sale prices begin rising immediately once interest rates dipped to the lowest ever (borrowers could "afford" more principal - sale price - for similar monthly payments).
Combine that with houses making up a significant chunk of balance sheets for the US, and we (collectively) are loathe to let prices fall:
https://eyeonhousing.org/2024/02/homeownership-is-key-to-hou...