Cracks are already appearing in the housing market, according to analyst Ivy Zelman.
The nation's housing market is a stark example of America's uneven economic recovery.
Rents on newly signed leases surged 17% in July when compared to what the prior tenant paid.
But the housing market is still a long way from normal, with inventory still down.
But second home purchases have already cooled from their pandemic highs.
In the three months through April, purchases of high-end homes increased 26% from a year earlier.
New listings rose 36% last week, slowing the year-over-year decline for the first time since November.
Demand is so fierce that almost half of U.S. homes are selling within a week of hitting the market.
Fueled by the lowest mortgage rates in history, home prices rose at the fastest pace on record.
Record-low mortgage rates and flexible remote-work policies been a boon to desirable cities with relative affordability.