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If a quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price is above the market equilibrium price.
Equilibrium exists whenever the quantity of the good demanded is just equal to the quantity of the good supplied. If the price of the good is above the equilibrium price, this means that the quantity of the good supplied exceeds the quantity of the good is demanded. There is are surplus of the good in the market. The existence of this surplus gives sellers an incentive to lower their prices and thus lowering the price downward toward its equilibrium level.
Learn more about Equilibrium Price
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