I skimmed it, so maybe i missed it, but, i don't think i saw it mentioned anywhere - but interest rates the last 10 years have been at record lows, and even with the recent increases are still low vs the long term history. This is a material driver of price increases. Other effects are, as he mentions, but fails to make the link, its now common to have two earners per home, again increasing purchasing power. And finally, the cost of other expenses, proportional to salaries, has decreased enormously - food, clothing, leaving more money available for housing.