The American residential real estate market rarely rocks headlines—despite economically accounting for the largest single share of U.S. gross domestic product (+/- 17%).

The Great Recession pushed real estate front and center in the media for a while when the banks collapsed back in 2008. Covid subsequently upended where and how people wanted to live and work, which became a story in itself (and still is).

But day to day, no one’s really paying attention to U.S. housing market fundamentals the way they are to dips in the Dow or spikes in the S&P.