Yes, it's had a huge runup in a few short years. Around here (Phila suburbs) lots of homes are up 50% in ~ 3 years. So seems like real estate should take a breather for a while, although prices might remain firm. A big factor is the lack of supply, since people don't want to give up their ultra cheap % mortgages, and thus they stay put instead of moving. The dearth of supply has jacked the prices up higher than they would have otherwise been.
It looks like % rates will be staying up for some time, so any supply increases will have to come from new home building. I see Berkshire started positions in 3 homebuilding stocks in Q2, so they obviously see the homebuilding boom continuing for some time. I looked at the sector earlier in the year, but it had already run up a lot, so I passed. With Berkshire, it's probably one of Buffett's new guys doing the buying (Weschler or Combs).
Btw, Weschler's bio (Wikipedia) says he turned $70 K into $131 mil over 28 years (!) So no surprise that Buffett hired him -
>>> According to a public statement issued by Weschler, over the course of 28 years he grew an initial Roth IRA account balance of $70,385 into $131 million. This increase implies a 31% annual return on investment. Such increases were made exclusively through the purchase of publicly available securities and are indicative of long-term market outperformance. <<<
News 
Market Data 
Discover 
