This imbalance has led to a tight market, especially in high-demand neighborhoods, driving up prices for newly built homes, not luxury ones, due to rising construction costs. 

The imbalance between the number of available residences and population growth is driving up prices and rents, a trend likely to continue for the foreseeable future.Constraints to ExpansionThe scarcity of available raw land for expansion is a contributing factor to the continued increase in prices and rents.

Very efficient.Chances are the older system has substantial duct loss and should be tested.Mini splits have their place but cold air is heavier and drops so the bottom floor doesn't make sense.Electric motors do not raise in load consumption as they age, it's the mechanical work done that raises load, typically deferred maintenance on belts, shives and pulleys.I'd disqualify HVAC companies by asking; Are you proficient in the new Manual J,S & D standards (that will be required in the industry moving forward)These companies will understand laminar flow, stratification and static airflow imbalances that have a great effect on efficiency, operation and longevity of a conditioning system.Get 3 estimates, compare scope & make sure its permitted.

There was a brief market imbalance that quickly resolved. 

Another thing that aligns with Jonathan's point about the promise of excellence that would supposedly warrant MI pricing.What Jonathan described is clearly a disappointment about the imbalance of the claims you and MI make and what he (or I) experienced.

Inventory in Austin is now down to 2 months (balanced market is 6.5 months).Steve Crorey, 2018 ABoR president, said, “Our current market imbalance in Austin is made worse by an antiquated land development code that places unnecessary constraints on building the number and variety of homes our community needs. 

The only (recent) cases in point I can think of, related to S/D imbalance, are the cities that experienced the fracking/oil boom phenomenon.

For one, think back to the most elementary concept in investing - return is a measure of risk.With MJ becoming legal, it would be reasonable to assume that the return investors demand will drop with the decreased level of risk associated with the business.Second, it is my understanding that it’s currently much easier to attain a license to grow/wholesale than it is to retail (especially in a brick & mortar environment).In my opinion, that is likely to cause a systemic imbalance between the supply and true long-term demand.  

Historically, this area has had a supply demand imbalance and with the continued tech concentration, I don't see that diminishing anytime soon.

But, much of the increase is due to supply/demand imbalance and the increased price of inputs.