You gotta remember a ton of people divorced and separated during height of covid… that put a huge demand on the housing market… it will resolve the inventory shortage once people start moving in with significant others again. High interest will drop the price too.

Don’t be scared of high interest. The principal and interest are inversely proportional to have a payment that will f you just enough. The payment is what you must pay attention to.

Personally, I’d rather buy with high interest and low principal as there is hope to change the interest rate or also throw any extra cash you have at the principal and make small dents in it.

It’s a giant commitment no matter which way you look at. And it’s enough to shake enough people to want to keep renting.