TV is unique in that the price of all homes is set by new construction. In other markets new construction doesn't exist or is just an influencer.
It makes complete sense that home prices have risen lock step with construction costs. Throw on some pent demand, political uncertainty, and low interest rates and here we are. Speculation is not a large factor as new homes can't be sold for more than paid plus improvements for a profit in less than 12 months of home ownership.
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