What is the application of demand and supply in relation to housing shortage?

House prices will increase

Explanation:

A shortage in the market supply occurs when sellers are unable to match the demand for a product. It is a situation where many buyers are chasing a few goods or services supplied in the market.

The price at which supply and demand match is the equilibrium price. Both sellers and buyers are happy at the equilibrium price. The housing sector is known for responding to the forces of supply and demand. In case of a shortage, the prices of houses will go up. As the many buyers compete for the few houses, suppliers will hike prices to make profits.

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