[Tewboo]

Supply constraints can't fully account for the varied growth in house prices and quantities across US cities. Economic dynamics are more complex.

[btilly]

But "can't fully account" does not imply "aren't a major factor".

I would look at the paper in more detail, but it is not available to me.

[Earw0rm]

Changes in fashion and lifestyle can shift demand towards types of housing that are more difficult to fulfil, supply-wise.

Essentially if the young and upwardly mobile want suburban sprawl, it's easy to build more of it until the price comes down. If they demand city-center condos, that's a little trickier.