More housing info

The following is a graph of housing prices in ND metropolitan areas. I ran it from 2000Q1 to 2013Q2, which was the latest available date. Housing prices in ND have been growing in all three metro areas for some time.

ndmetroprices

 

Amid all the discussion of shortages and availability of housing, the price at times is a focus, but is also just thrown into the discussion at other times. If I were a builder looking to build in North Dakota right now, I think Bismarck looks like the area I would target given the incredible price growth there. However, Grand Forks and Fargo have seen price growth too so they are viable for entry too. Price rising is a likely way for a “shortage” to disappear, if one exists. So once again, this could be the market working.

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