I strongly concur -- as a millennial who has been without adequate housing a few times, falling housing prices and rising housing supply (the latter tends to be a necessary condition for the former) is extremely good.
I'm in the upper middle class wage quartile and my rent is so high that losing my job would ruin me completely. High rent(for a reasonable one-bedroom) combined with my student loan payments means it takes about $3700 a month just to pay bills and live.