Big Builders Are Remodeling the Housing Market
The demise of many small builders following the housing bust has given big ones more power, which is one reason new-home sales have stayed low.
The housing bust and its long aftermath washed out a lot of homebuilders, which helps explain supply challenges in an industry that has traditionally had low barriers to entry
Theoretically, house construction should be countercyclical:
Consolidation in construction at least seems to be making it less procyclical: