This is also because of mass migration to urban centers in recent times. Every major urban center in US is currently facing massive number of incoming people. W

This is also because of mass migration to urban centers in recent times. Every major urban center in US is currently facing massive number of incoming people. When everybody wants to live in same little place, prices are obviously going to shoot up. This should also explain why there are no too many new homes being built - because urban centers have little room to expand. This is current phenomenon in much of the world. Even if you go to 3rd world countries and look at prices in core urban centers, you will see exact same trend as in 1st world countries. This always had been a trend through out history but in recent times curves have crossed the knee and has taken a vertical leap.