The median home price of an existing home stood at just $278,200 in August 2019, according to the National Association of Realtors. That figure has since spiked to $407,100 as of August 2023. “Talk about a bubble. That’s a classic supply-demand imbalance,” Bair told CNN in a phone interview.
In addition, mortgage lending standards are significantly tougher today, meaning fewer people are borrowing more than they can afford. “I see much less speculation in the housing market today, thank goodness,” said Bair. And unlike in the mid-2000s, homeowners today have built up a significant cushion of equity. That means they shouldn’t find themselves in a situation like during the subprime meltdown where many owed more than their homes were worth.
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