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Land developer Cody Bjugan, founder of Allied Development, put it succinctly: “We have a housing shortage across America, creating affordability issues. The median home price is around 5.2 times ...
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A housing shortage is one of the big factors causing today’s tight market, and inflation is a big driver of the shortage. The rising costs of building materials and labor have forced builders to ...
Last month, housing contract activity rose in all regions of the country except for the Northeast. The South saw the largest month-over-month increase, improving 5.2% from October and 8.5% from a ...
The price of housing is also an important factor. The price elasticity of the demand for housing services in North America is estimated as negative 0.7 by Polinsky and Ellwood (1979), and as negative 0.9 by Maisel, Burnham, and Austin (1971). An individual household's housing demand can be modelled with standard utility/choice theory.
Insufficient public funding has contributed to a distinct housing crisis affecting these groups. [29] [30] Even regions with relatively abundant housing supply and low rates of homelessness, such as Mississippi, face challenges with street homelessness due to factors like addiction, as well as issues with housing quality. [31]
Many other factors go into determining the relative strength or weakness of the housing market, including: Overall economy: When public confidence is high, the housing market tends to thrive.
If one assumes that the housing market is efficient, the expected change in housing prices (relative to interest rates) can be computed mathematically. The calculation in the sidebox shows that a 1 percentage point change in interest rates would theoretically affect home prices by about 10% (given 2005 rates on fixed-rate mortgages).