Lending tree did a study which ranked states on % vacant. https://www.lendingtree.com/home/mortgage/vacancy-rates-study/ https://www.lendingtree.com/home/mortg

Lending tree did a study which ranked states on % vacant. https://www.lendingtree.com/home/mortgage/vacancy-rates-study/ https://www.lendingtree.com/home/mortgage/vacancy-rates-stud... If you trust the data (some of which comes from the 2020 census), it implies a nation-wide vacancy rate of 11.67%. Which was lower than I suspected, but higher than @falcolas' guess at 10%. Also... I think I saw something go by indicating prices were still falling, at least in some markets. This is from last year: https://www.cnn.com/2022/10/22/homes/us-home-prices-falling/index.html https://www.cnn.com/2022/10/22/homes/us-home-prices-falling/... And more recently: https://www.msn.com/en-us/money/realestate/bay-area-home-prices-could-be-falling-here-s-why/ar-AA1gsjyx https://www.msn.com/en-us/money/realestate/bay-area-home-pri... Though that last one is a little confusing, citing data from the last three months in one section and data over 2 years in another. But it does (at least) make a nod towards explaining pricing in terms of supply and demand. I assert, and I think this is similar to @falcolas' point, that participation in the market by builders, foreign and domestic investors and banks has veered US house pricing noticeably away from true elasticity. I do not damn builders for trying to increase their profits. We're a "wealth creation" economy, after all. But there does seem to be some conflict between stated national policy objectives of "affordable housing" and "profitable housing market." Alas, I bemoan the erosion of sensible policy-making in Washington. In the old days we would have just come out and said something like "we have affordable housing targets and will manipulate the market to achieve them." Now we're too spooked to say anything lest we upset the markets; or at least it seems.