Is the US housing market overvalued? Share prices of single-family landlords, Invitation Homes, INVH, and American Homes 4 Rent, AMH, are trading at 35% and 20% discounts to their net asset values. By comparison, in March 2022 when the Fed began rate hikes, INVH was trading at a record 25% premium. To put this differently, Invitation Homes's share price now implies that average home prices should be ~105,000 lower. The housing market is disconnected from reality. Something needs to give.