I've spent some time thinking about this. It might be a good time to buy if you have a very long-term orientation. Supply/demand is still very imbalanced (in favor of builders), but affordability is a disaster. Homebuilders will need to cut production and wait this out. I wonder if the SFH rental REITS with an internal homebuilder will be attractive. Valuation don't look particularly compelling, but I suspect rent could be strong while we wait. It's all too uncertain for me to want to jump in though.