An article published by the Wall Street Journal indicates that...

The economy of California is growing and generating more jobs and higher salaries in all sectors.

Also, the article reports that as a consequence of this increased in economic activity, and at the same time...

Prices of construction materials and wages in the construction industry, in California, have increased.

Analyze the likely effect on the California market for the ...

"NEW SINGLE-FAMILY HOUSING."

(Hint: Identify the events affecting the market and their possible effect on the Demand, Supply, or both sides of the market, provide your answer in terms of EQUILIBRIUM PRICE and QUANTITY traded of new single-family homes.)