that’s a very good point about pricing happening at the margin, but consider that housing isn’t nearly as fungible as laundry detergent, so there is still a fai

that’s a very good point about pricing happening at the margin, but consider that housing isn’t nearly as fungible as laundry detergent, so there is still a fair bit of pricing friction in housing. that’s because the marginal pricing mechanism occurs at the sub-segment of truly comparable properties (that normalized measures like $/ft^2 can’t capture) not all properties in a locality.