Discuss the following paragraphs about supply and demand. Do you agree with the statements and why? Do you disagree and why? Write paper from a Christian perspective and use the textbook as a source.
The following are the paragraphs to read and write about:
“This article reflects on the extremely high prices and a shortage of available homes in the U.S. housing market. Sales of current homes fell 2.7 percent in April, according to the National Association of Realtors. This marks the third straight monthly decline after a rise in transactions earlier in the pandemic. Mortgage rates have slowly increased since the beginning of the year, but the general influence holding back sales isnt a lack of ready buyers. It is a lack of affordable homes available to them. The median sales price of an open home was a record high at $341,600 in April, up 19.1 percent from the previous year. However, the number of homes on the market dropped 20.5 percent and stayed close to a record low. As a result, the competition for new homes became intense. The growth in working remotely during the pandemic has led to an increased need for houses, specifically outside of urban regions. That demand has continued even as the economy has started to reopen, and this combination of elevated prices and limited availability is making it much more difficult for younger people to break into the housing market.
The article describes the effects of a shortage in the U.S. housing market. On page 95 of Principles of Microeconomics, a shortage occurs whenever the quantity supplied is less than the quantity demanded (Mateer & Coppock, 2018). Throughout the pandemic, there has been a growing demand for available homes. Though customer demand continues to increase, the supply of available housing has not expanded. This increased demand has then led to a shortage of available homes, causing a dramatic rise in prices.
Logically I think that the housing shortage is an event that we could have predicted to happen. As someone who is currently looking for a new home, I am personally affected by the shortage, and I have had difficulty in finding availability. An even greater challenge then presents itself, due to this very limited housing no longer being affordable. Lower-income people need more available options. I think that a Christian response to this situation would be to agree that current housing options are very limited, and more affordable solutions need to be available. “
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