They were building like crazy where I live. Then they realized geography is limited absolutely everywhere, even without geographic barriers, so instead of houses they switched to building apartments everywhere. The result is that over the last year everybody’s houses went up in value 50%. The last month inflation hit everywhere from all of last years mega stimulus money. The consequence of that is everybody’s house went up 10% in just the past month. Now houses are about 67% more expensive than they were a year ago. This was a low cost area. More housing seems to be making things more expensive, not less.
My house has already double in value from what we bought it for. I mean double even the fees and closing costs. Once it hits triple we are selling the house for cash and moving into an isolated rural wilderness.