Courtesy Adobe Stock/Jim Vallee, the online site of the Philadelphia Inquirer, offers a good analysis of the housing market that explains its slowdown.

Are we in for a new housing market meltdown? Probably not, but that doesn't mean the future of the housing market is bright. Factors are in place that imply housing has entered a new phase that will not be as strong as in previous cycles.

Housing has peaked. Since spring, housing starts and new and existing home sales have trended downward. Home prices, which had been surging, are now rising more slowly and in some cases are declining from 2017 levels.

A variety of factors have created the deceleration, the biggest being the decline in affordability.

And then there are the demographic reasons.

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