There is more than meets the eye to home prices in this local market area... as the above answer pretty much says it all, one thing that everyone forgets about. Is what if Texas gets gaming passed ? That would drop the prices down. Prices of homes here have not gone up, but they have not really fallen either. You can thank our employment that is a direct affect on housing in any area.
The multimillion dollar impact of the movie industry is definitely making a difference...from Shreveport to New Orleans...there are many movies/documentaries and more Hollywood driven opportunities that area happening and planned for this year.
I don't think we see the prices going up so much as seeing the prices not going down. The housing news are lead stories in the national news and we hear that and think housing ought to be a buyers market here locally. I was asked this morning do I think that a lot of repo homes will be soon coming on the local market. I do not know but I don't think we will see a drop of 15-25% in home values. The builders certainly don't think it when you see their inventory of spec houses. Your question of supply and demand has generally held true. One would have to examine the number of vacant homes for sale over against occupied. If the seller does not have to move then one might have more homes on the market than demand but that may not play into reducing the house because one has to sell.