The Rising Influence of Rising Affluence

[xavierprivas]

Quote:

One part of it is that the housing market got so expensive that some people decided to sit on the sidelines and wait until things revert to the norm before trying to buy.
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Somebody is buying up houses in the suburbs. Anecdotally I moved this spring from one suburb in Atlanta to another one.
In both cases bidding wars happened for selling and buying. In my new
neighborhood, price rose another 100k in the few months I was here.
Friends of my children are frustrated because they cannot afford the price
increase, not because they don't want to buy and they
have been hunting since summer of 2020.