The housing market is not yet a bubble. These stocks may continue to rise.

The housing market is out of control, we’re told. But if it’s a bubble, it hasn’t hit the 2007 extremes — and that means housing stocks may have more room to run.

There is no doubt that the housing boom has reached its limits. New home prices, we learned last week, rose 18.4% in July from levels a year earlier, and are now 18.5% higher than in December 2019, prior to the Covid-19 pandemic. . Before a 10.9% jump in December, house prices hadn’t seen a double-digit year-on-year increase since…