In August 2023, home prices in California were up 4.8% compared to last year, selling for a median price of $792,900. On average, the number of homes sold was down 14.0% year over year and there were 25,115 homes sold in August this year, down 29,214 homes sold in August last year.
https://cdn.nar.realtor//sites/default/files/documents/ehs-0...
A couple hundred thousand is the price of land, not a home. If it is a home, it’s a teardown.
Capital gains don't necessarily apply everywhere. In eg Australia your owner occupied house is exempt. And in eg Singapore we don't have capital gains on any asset at all.
A house is both a home and an investment for most people. That's just a description of what's happening. However you could say that a house _should_ not be an investment.
Less than a quarter of Americans own their own homes. [0]
[0] - https://www.forbes.com/sites/johnwake/2023/03/31/us-has-3rd-...
