I think the irrational exuberance is over. I think the period of exuberance ended when the 30 year fixed mortgages went above 5%. Of course people need homes bu

I think the irrational exuberance is over. I think the period of exuberance ended when the 30 year fixed mortgages went above 5%. Of course people need homes but I think the interest rates combined with the energy costs to heat and/or cool that home along with the price of gas to get to and from that home have all started to make the purchase less viable for many. There's actually a bit of a rush right now for sellers to sell before rates go up further. See: https://archive.ph/9uU3j https://archive.ph/9uU3j The other side is that anyone who sells right now will need to buy at the top of the market, possibly incur the 5%+ interests rates(if they didn't make out extremely well) and afford the increase in taxes on their new home's possibly insane property valuation. This is of course in addition to all the other current inflationary concerns of maintaining a house right now.