In September, homes on the market rose 3.1 percent, to 493,000, a 4.9-month supply.

In their place, the argument goes, new homes will rise, better suited to modern life yet embodying the best of what was lost.

The average home in Blaricum costs €800,000 and has risen an average of 12% over the last year.

The wealthy built estates on our rolling hills while more modest homes rose near the town square.

The first homes rose on East 36th Street in 1925.

Single-family homes rose 3.9 percent last month to a rate of 898,000, the fastest since April 1990.

However, their homes seldom rose more than four or five stories.

Apartments and homes near the big cities rose especially fast.

And even homeowners who did nothing saw their homes rise in value.

The new homes will rise on the blocks sandwiched between the earlier houses.