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For context, this is the highest the figure has been since the Great Recession, when it was 14,923. Using a median new home price of $438,067 and average hourly earnings of $27.32 puts the PI ratio at 16,035.

Perhaps most startling, however, is the price-to-income ( PI) ratios on homes. That is to say, more homes are being built than there are households to buy them.

Housing starts over the past few years have also substantially outpaced household formation. recorded a 10.4-month supply of new houses, the highest level since 2009. This reflects the fact that many would-be home-buying families are opting to rent instead of committing to a down payment on a house. Furthermore, rent prices are up almost 30% from last year, primarily attributed to single-family rentals. Data from the National Association of Realtors (NAR) shows July home sales fell nearly 20% year-over-year.

With 30-year fixed mortgage rates trending over 6% for the first time since 2008, demand for homes is down substantially from last year’s peak. This has sparked speculation that home prices may be in for a more brutal pullback than many economists projected. housing market may be deteriorating faster than it did in the 2008 recession.