I haven't seen a good explanation for this but admittedly I haven't looked very far. Nationwide home prices have exploded. Forget the wasatch front this is happening everywhere. Up nearly 20% in the last 12 months and that is after almost 20% appreciation in the 12 months prior to that. If this truly is sustainable and due to long term supply and demand, why did it happen so suddenly? Whats the explanation for the market exploding overnight?

A few theories ive seen that are easily debunked:

-"People fled the crowded cities for homes during the pandemic". Cities are recovering and rents are rising above pre pandemic levels almost everywhere so this would appear to be false.

-"Millenials are hitting home buying age". Millenials are hitting their 40s and have been buying homes for over a decade.

-"stimulus". Debt and especially mortgage debt is rising astronomically right in line with home prices so this does not appear to impact purchasing power.