If U.S. home prices fell 16%, it’d restore housing market affordability to the long-run average

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. We’re currently amid a 14-month streak in which year-over-year nationally aggregated worker earnings growth (+3.4% YoY) has exceeded year-over-year nationally aggregated home price growth (+1.3% YoY). This period of housing market softness—with some pandemic boomtowns in the Sun Belt and Mountain West experiencing outright corrections—is helping improve underlying national housing…