Housing supply and demandis an example of the effects supply and demand can have on price elasticity. The most recent housing boom from 2000-2005 was not only a boom in housing prices, but also in-house construction.

Based on your readings, there are a number of factors that determine housing prices. Some are based on economic theories and some are based on more intangible factors. Describe the key economic factors which effect housing prices and how they are determined (HomeGuru).