Median sales price of houses sold in the United States during the housing bubble (2004-2006) vs the COVID crisis (2020-2022):

Home prices increased substantially more during the years of the COVID crisis. I'm often told (by mortgage bag holders) that housing is not in a bubble. I tend not to believe them.

Some differences between 2004 and 2020:

1. New home building oversupply in 2004 vs new home undersupply in 2020

2. Fed was ratcheting up interest rates in 2004-2006, from 1% to 5% vs holding rates at ~0% in 2020-2022

3. Huge increases in broad money supply during the COVID crisis (stimulus checks)

4. Shady/Predatory lending practices in 2004-2006, not as much in 2020-2022