The housing market is out of control, or so we’ve been told. But if it’s a bubble, it hasn’t reached the extremes of 2007—and that means housing stocks might have more room to run.
There’s no doubt that the housing boom has gone to extremes. New home prices, we learned this past week, rose 18.4% in July from the level a year earlier, and are now 18.5% higher than they were in December 2019, prior to the Covid-19 pandemic. Before a 10.9% jump in December, home prices hadn’t experienced a double-digit year-over-year gain since…
