American housing is often lumped in with Bitcoin and Tesla Inc. as a bubble market. True, prices have risen sharply. The median sales price of a previously owned single-family house in the U.S. reached $314,300 in December, up 93% in 11 years, according to the National Association of Realtors. But this chart shows that the force behind the price rise is a supply shortage, not a speculative frenzy.
This Chart Should Assuage Fears of a Housing Bubble
February 15, 2021
Peter Coy - Bloomberg
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