New home inventory highest since 2008. Home price to income ratio at record high. How is this dilemma resolved?

Housing market update:

1. Mortgage demand lowest since 1997

2. Housing affordability index below 2008 low

3. New home inventory highest since 2008

4. Home price to income ratio at record high

5. Home sales down 32% in 2022 to record low

The housing market is in a recession.

— The Kobeissi Letter (@KobeissiLetter) January 14, 2023