Rising housing prices can co-exist with country population decline. Jobs (at least in western countries) tend to be more and more concentrated in large cities.

Rising housing prices can co-exist with country population decline. Jobs (at least in western countries) tend to be more and more concentrated in large cities. So people move there and in combination with artificially limited supply (zoning and other laws) prices skyrocket. They decline far away from these cities/ regions but no one cares because there are no jobs there.