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Describe this graph.

This graph compares housing trends in major Texan cities like Austin, Houston, and San Francisco to other cities in California.

The left chart shows new dwelling approvals per 1,000 people over a rolling 12-month period from 2000 to 2020. Austin has seen a sharp rise, reaching nearly 20 approvals per 1,000 people in recent years. Houston and other Texas cities have also trended upwards to around 10 approvals per 1,000. In contrast, San Francisco has remained flat near 5 approvals per 1,000 people.

The right chart displays the change in real house prices since January 2000. San Francisco has seen prices skyrocket by 150% over this period. Other Californian cities have also increased substantially by around 100%. However, prices in Austin and Houston have only risen about 50% in comparison.

The title suggests that more liberal planning regulations in Texas have enabled far more home construction than in California, making housing significantly more affordable in Texas cities. The data supports this, showing much higher rates of new home approvals and more modest price increases in the major Texas metros compared to their Californian counterparts.


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March 7, 2024