To add to that, a house a hundred years ago was nothing like a house today: building codes, square footage per person, heating, plumbing, connectivity... Building and maintaining a decent housing unit is far more expensive in material and energy than it was 60 years ago.
This is the one I'm curious to see play out. How low can it go? Did it reach bottom? Maybe once it stabilizes at a new norm, housing supply will catch up and prices will settle down.
