If you want to know why home prices have skyrocketed, surpassing even the bubble price levels of 2005-2006, the answer is right under your feet
In some parts of the country, the rates of increase were nothing short of startling. A report just issued by the Harvard Joint Center for Housing Studies shows the parts of Nevada, Colorado, California and Florida that had the most dramatic runups in lot prices.
The most extreme rates of increase were out west, but it should be noted that many east coast markets had slower rates of increase only because they were already at high values. Median lot prices occupied by single-family homes are at $487,000 per acre in Massachusetts and $641,000 in New Jersey. That said, Miami-Dade County saw more than a doubling of median lot values over this period.
When asked why new home prices are higher than before, homebuilder executives refer to the Three"Ls": Land, Labor, and Lumber. In this instance,"land" can refer either to tracts of developed lots, which are increasingly hard to find, or raw land, which the builders have to develop or find somebody to develop for them.
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