I think another factor not mentioned (new construction) is the cost of lumber and every other item used in constructing a house was increased say 30-50k per new home....builders are not profiting as well as you think. I am in the trades and I know the numbers. It is starting to decrease but it will take a while,and existing homes follow new construction pricing to an extent. Still this is nothing compared to the interest rates under Carter...less than forty years and I only see it spoken of in comments on free republic?
The wholesale price of lumber is back down to what is was prior to covid. The price of OSB is almost down to where it was. It will be there before too long.
The problem with building everything now is the cost of labor.
Plus the cost of subcontractors. Whether it is concrete, electric, plumbing & heating, appliances, windows & doors.
Also, the cost of raw land. A building lot here in southern NH is $150K or more. So, to build even a modest single family home the ending price is $700K or more.