Of course, but a generation of homeowners grew up learning that, barring short disruptions, home prices always go up. Nevermind that this was largely due to interest rates steadily dropping since the 80s, reaching basically 0% during Covid.

Since there isn’t really room for interest rates to drop anymore people shouldn’t expect home prices to rise faster than incomes rise, but it’s going to be hard to undo 30 years of observation.