During a down market in Boston, homeowners tried to sell at prices based on what they originally paid. as a result, the Boston real estate market had an excess supply of housing. Thus the correct option is A.
Supply refers to making available goods and services to the customer. When these demands do not get fulfilled it causes scarcity of goods in the market and when this supply is in excess it causes surplus.
Boston residents tried to sell their homes at prices based on what they had paid initially during a weak market. Due to low-price selling, the Boston real estate market had an excess supply of housing.
Therefore, option A is appropriate.
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The complete question is Probably
During a down market in Boston, homeowners tried to sell at prices based on what they originally paid. As a result, the Boston real estate market:
had an excess supply of housing.
had a housing shortage.
was characterized by prices below equilibrium.
set a record for the number of housing sales in a month.
