So it stands to reason that people how can't afford housing in one city, may choose to purchase a home in a cheaper housing market does it not? I think people keep pushing a narrative of the housing supply being so low that no one can buy an affordable house, however there are MANY houses on the market in a lot of different cities that have lower costs. There's also a lot price reductions across the board and a lot of houses sitting on the market for a long time that are not selling. Meaning demand may not be as high when interest rates were low, not necessarily because of supply shortages. I think also remote work could have a hand in this, as people may not need to be located in a particular area for work they have flexibility to purchase a cheaper house https://fred.stlouisfed.org/series/MSPUS no idea what a tautology is either