I wonder if it has to do with the rapid increase in lumber prices in particular and commodity prices in general. My house is your typical softwood lumber construction with plywood and insulation. Everything is mass-produced. It's all commodities. Maybe what we're looking at is the "commodification" of housing prices?
“I drive around my neighborhood, however, and nothing’s for sale. Makes no sense. “
The sense is no supply so bidding wars on what is available.
“My modest little house in CA has been appreciating at a startling rate if one is to judge by Zillow’s notion value. I drive around my neighborhood, however, and nothing’s for sale. Makes no sense.”
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California? Proposition 13 may have a lot to do with that.