"[T]he pandemic turned the kaleidoscope of U.S. migration, and many families—especially many high-income families with work-from-wherever jobs—are shopping around for sunny, spacious real estate..."
"... and bidding up prices wherever they land.... When people leave multimillion-dollar houses in, say, Los Angeles to plunk down $1 million on a house [in Texas or Idaho] that was worth $500,000 a year ago, they turn a merely frenzied housing market into a once-in-history, hair-on-fire, what-the-hell-is-happening bonanza. Supply issues are just as important. Years of insufficient building and a construction pause during the pandemic have led to low inventory. Seniors, who in previous decades sold their homes to downsize, are now more likely to 'age in place,' which is keeping millions of homes off the market. Plus, some builders are putting their projects on hold because of the sudden tripling of lumber prices, which could delay the construction boom this country so badly needs...."
From "Why You Should Wait Out the Wild Housing Market/Rising inventory is one of several signs that we may have reached peak ludicrousness" (The Atlantic).
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