[thatguy0900]

Couldn't there also be a shortage of homes where people want them to be? A house in the city and a house in the boonies are not exchangeable

[adam_arthur]

That could apply to some local markets, sure. But we are seeing massive price increases rather universally, which implies it's a more widespread phenomena than just local undersupply.

But it will be true for certain markets. Most homebuilding is concentrated in the SMILE states (southern, areas where people are migrating to)