Yes, thats why median home prices didn't really go up that much higher than inflation when adjusted for interest rate decreases. People don't want "a home". Th

Yes, thats why median home prices didn't really go up that much higher than inflation when adjusted for interest rate decreases. People don't want "a home". They want THAT home (or at least, a home in THAT area). Yes, there are supply issues because of zoning and NIMBY policies, but even super dense areas like Manhattan have significant supply issues. So you have income increases that can't be offset by the output, because supply is limited.