Housing vs. stocks?

The value of residential property in America—at around $34trn—rivals the market capitalisation of all listed American companies.

This makes housing seem way overvalued. You could own the entire American housing stock or EVERY public company in the US? Reminds me of the Buffet quote on gold.

Homeowners traded property worth $1.5trn in America in 2019, forking over some $75bn in commission to agents, or around 0.4% of gdp.  

The fees for trading many other financial assets pale in comparison. Around $40trn-worth of stocks are traded annually in America. The fees paid by institutional investors to brokers have halved from their peak, to less than $10bn.

This is kind of crazy: 7.5x the commission on < 4% of the asset base.

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