Home Prices Soar, Sparking Bubble Fears While Supply Lags

Median home price has spiked from $278k in 2019 to over $400k today, worrying some like former regulator Sheila Bair that prices are "bubbly".

Bair doesn't expect prices to violently crash but hopes they deflate as shortage persists and buying remains out of reach for many.

Mortgage standards are tighter today than pre-2008 crisis when speculation fueled bubble. Homeowners have more equity now too.

Some see global home price plunge coming like Jeremy Grantham while others say prices will keep rising due to limited supply.

Unlike pre-2008, today's market has shortage not surplus of homes but prices still out of balance and inequitable. Supply needs to increase significantly.