I don't have it handy at the moment, but apparently housing is still more affordable than in 2008. The key factor is that mortgage rates now are roughly half of what they were during the bubble, so a given monthly payment will buy more house today.
Depending on the local jurisdiction and price, this could mean that houses are 20% more affordable today than in 2008, modulo down payments.
Fair enough, but that implies there may come a day when mortgage rates are much higher and then housing for new buyers is not at all affordable.
Homeowners that locked in 30-year fixed rates might not be too concerned at first. But eventually, even they may need to move or sell someday. Wages or buying power will need to catch up to avoid some downward price pressure.
Depending on the local jurisdiction and price, this could mean that houses are 20% more affordable today than in 2008, modulo down payments.