Max Tabarrock pulled out these interesting graphs in his tweet (https://twitter.com/MTabarrok/status/1870631673911754883) to emphasize the effect of a higher rate of new construction and price in Japan.
Looking at large data sets can lose a lot of nuance. Not all countries show step-change movement between housing starts and price—take Spain as an example. The US numbers show that prices stayed low for years after the great recession, even after building starts started to rebound.
Local numbers, in conjunction with local conditions, are far more revealing in real estate.
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