Comment by slibhb

There's no question that underbuilding is the largest factor here. You can look at construction vs. population over time (it's well below historical standards). Or available home vacancy rates. Or notice that the number of households is increasing faster than the number of homes. Or look at the various models, which show a 2 million-4 million shortfall in homes.

That aside, housing prices are reasonable in much of the country. Where population is stagnant or declining, they are generally reasonable.