Home prices are still climbing, just slowly.

Case-Shiller 20-City up 1.14% year-over-year in April. National index up 0.85%.

Not a boom. Not a bust. Just a grind higher.

This is what happens when supply stays tight and rates stay elevated but not catastrophic. Prices don't collapse—they just move sideways with a slight upward tilt.

The people waiting for the crash keep waiting. The people who bought years ago keep building equity. Time does most of the work.