I think you're more or less right on your reasons. I do have add-on thought as far as demand shifts contributing to price increases; A lot of the demand was dr

I think you're more or less right on your reasons. I do have add-on thought as far as demand shifts contributing to price increases; A lot of the demand was driven by people wanting to move into bigger houses. Those who didn't have enough equity built-up early on could just tack what they wanted onto their selling price and hope for the best. One more interesting anecdote; In my neighborhood, housing prices have stayed relatively flat since summer of 2020. There are other nearby cities where the prices have increased more, however they often do not have the same property tax rates as where I reside. (prop Taxes are over 1/3 of my monthly 30y mortgage payment, lol)