My son works for a homebuilder in Utah.
The first day of the week they get updates on the weeks housing sales.
This weeks reports was spectacular. They are amazed! There is no housing recession in Utah.
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There is still a housing shortage in most of the country, the hot areas are staying good, increases have cooled some, but prices aren’t decreasing YOY (yeah, people are lowering their prices, but YOY still up 20%+ in large areas of the country). Rents are up to match. After the initial shock interest rates haven’t gone up as much as expected either, jobs are still strong, we may be technically in a recession, but not really yet I’d say.
OTOH I expect another broad stock market decline in the near future. Feels like we’re not done there yet.
Those who need the space as for a growing family are likely to go ahead in spite of rising interest rates. They know rates may continue to rise and are not likely to come down in the near future.
The issue is becoming that mortgages are becoming more expensive than rent, not a good sign. Only to worsen with rate increases.