People underestimate the purchasing power of the dual income household.

"Of course the question on everyone's mind is how can the market go up 15% over these already insane prices? And I think an underreported piece of the puzzle here is dual income household in America and the incredible purchasing power of that household. So even as interest rates go up, people are like, well the market has got to come down but you have a low inventory environment and people need housing and they get desperate for housing and they have purchasing power. They are going to make that offer and drive those prices up to get into that house. Consider a dual income household where nobody's making crazy amounts of money but you've got two wage earners both making $60k a year, that's $120k combined, that's $10,000 a month, banks allow you to spend 45% of your income on housing. So, that household, if they don't have a lot of debt, depending on their down payment, can theoretically afford $800-$900k even a million dollars."