The omitted factor in this story is the historically low availability of houses, which makes housing prices hypersensitive to even small upticks in purchases.

The omitted factor in this story is the historically low availability of houses, which makes housing prices hypersensitive to even small upticks in purchases. The oft-cited solution to "just build more" only works to restore affordability, when we build more affordable homes. If the new builds are also out of reach of most buyers, then we're just cementing the unaffordable state of housing.