The Federal Reserve chair, Jerome Powell, said in November that the pandemic had produced a “housing bubble.” Realtor.com points out that while may, in fact, be a bubble, it in no way resembles the housing crash of 2008.
Back then, there were subprime mortgages, wild speculation, and overbuilding were the primary causes of the collapse. This time around, rapidly rising interest rates which have taken millions out of the current home buying market, are the primary culprit.
Finallly, there certainly isn’t a glut of homes on the market as there were in the mid-2000s. While production is expected to increase somewhat in 2023,the shortage should actually prop up the market.