According to a recent National Association of Realtors article, the net worth of homeowners has increased by roughly $150,000 over the past five years, largely driven by price appreciation and principal paydown. That’s a meaningful wealth effect that continues to support housing demand.

On the supply side, Realtor.com reports listings were down 7% in January, yet still up 10% year over year. In other words, inventory is improving, but it remains tight enough to keep pricing supported hardly the setup for a housing collapse.

And then there’s crypto. Bitcoin fell nearly 50% from its October all-time high above $120,000, and a big driver has been a shift in liquidity toward precious metals. As tech particularly software has struggled, risk appetite has faded. Investors, especially retail money, did what it always does in moments of uncertainty: panic first, rotate later, moving capital into gold and silver as perceived safe havens.

Classic risk-off behavior. Different asset, same psychology.

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