The Julia La Roche Show #316 Melody Wright, Who Drove 10,000 Miles Across America Observing Housing Conditions, Warns Why We Could See a 38% Correction In Home Prices
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Dec 12, 2025 
Melody Wright, a housing market analyst and author of M3 Melody Substack, shares her insights after driving 10,000 miles across America examining housing conditions. She warns of a potential 38% correction in home prices, emphasizing that the middle class is being squeezed out of homeownership. Melody debunks the myth of a structural housing shortage, citing high vacancy rates and rising inventory. She discusses how the current crisis could impact millennials more severely than in 2008, urging prospective buyers to hold off and prepare for a turbulent market ahead.
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Market Frozen Despite Rising Population
- The housing market has been effectively frozen for three years with record-low sales despite population growth.
- Melody Wright says prices are propped by top-tier buyers and government programs, masking broad unaffordability.
Shortage Narrative Versus Actual Inventory
- The claimed 'structural housing shortage' is a narrative, not a units problem.
- Melody Wright notes the US has ample housing stock and high multifamily vacancy rates after COVID demand pull-forward.
10,000-Mile Road Test Of Vacancy
- Melody Wright drove over 10,000 miles and inspected hundreds of markets and empty properties firsthand.
- She describes seeing new builds and multifamily 'farms' sitting vacant across the country.