explicitly models the relationship between changes in house prices and various measures of housing supply. The results show that … months supply of new homes places greater downward pressure on house prices that the months supply of existing homes. We …

The long-term price elasticity of supply of housing is a key factor determining the growth rates of housing prices and … housing supply as the city grows. Therefore, the housing supply elasticity has considerable influence on the competitiveness … regional variation in the supply elasticity of housing within the U.S. The literature further shows that the supply elasticity …