Answer: Housing supply in great locations is limited by the number of homes in that location. The imbalance between supply and demand resulted from strong economic growth creating hundreds of thousands of new jobs (which increases demand for housing) and insufficient construction of enough new housing units to meet demand.
Explanation: What are some factors to consider when choosing a housing location?
5 Factors of Location
Centrality. Where you choose to live in a city or town will undoubtedly affect how much you pay for your home. ...
Neighborhood. The neighborhoods that appeal to you will essentially be a matter of personal choice. ...
3. Development. ...
Lot Location. ...
The Home You Purchase.