It takes time for the prices to increase because it's not a liquid market. If wages or inflation are increasing faster then it creates a buffer time for these i

It takes time for the prices to increase because it's not a liquid market. If wages or inflation are increasing faster then it creates a buffer time for these inelastic goods to catch up. There's also other factors, like institutions not maximizing profit, that slow down price increases. Also in the past there were less regulations, so it was easier for new homes to be built, for example.