BUSTED: Engineered lumber shortage.
(media.gab.com)
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I live in what is perceived as a very desirable area. There have been more buyers than sellers for the past few years, but the prices of homes for sale has skyrocketed. I've never seen a frenzy like this. The few homes for sale that hit the market are sold within a few days, and usually substantially over asking price (bidding wars).
I live in Denver where there is a major housing crisis. Ive heard of people paying 100k over asking prices. I'm not sure about that much but I personally know people that paid 25k over asking. On top of that the values have skyrocketed. Many houses arent even getting the realtor sign out front before it sold.
And don't forget those beautiful tax assessments we all got. Denver and Jeffco up 20-30% in one year. Counties are making bank while they cry poor on services.
it's the REITs. Big factor.