HOME PRICES - ECON 101 HOME PRICES - ECON 101 it really is that simple if one grasps the law of supply and demand. There are several factors that continue to drive up home prices. For those who OWN a home (or have a home and a home mortgage), the market is great. For those in the home buying market it is frustrating to say the least. When will home prices come down? Why are home prices going up? Does waiting for lower home prices make sense? So many questions. One primary answer to the questions is Econ 101- supply and demand. Home prices went up when the demand was greater than the supply. Builders have been ramping up new home builds. That is helpful, but not enough.Another factor in the short supply is lower rates of 2020 to 2023. Rates dropped into the 2's. Many folks took adva...
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