"Global equity markets have been at all-time highs. That means more people have money to buy homes. At the same time, housing demand has recovered faster than the supply of homes for sale. Why? A big driver of home sales has long been people relocating for new jobs. But, with unemployment still high in many countries, people aren’t changing jobs at the same clip as they normally would..."
“That means the only supply that will really make a dent will be new construction and that takes time,” said Eric Sussman, professor at UCLA Ziman Center for Real Estate. “In Tokyo, Hong Kong, London, New York, Los Angeles, San Francisco, San Paulo, in really dense cities, there’s nowhere to build.”
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