For a growing city a house changes in definition. Eg in new cities houses are a 1/4 acre, then they get subdivided then eventually apartments. So the land can k

For a growing city a house changes in definition. Eg in new cities houses are a 1/4 acre, then they get subdivided then eventually apartments. So the land can keep going up faster than inflation/wages and still a housing unit remains (relatively) affordable. Also medium term affordability fluctuates so when a boom ends you often get 10 years of flat prices so its a drop after inflation.