Hmm, that's what I thought in 1979 when I bought at about the peak of the market. Rising interest rates in 1980-83 depressed the price of the house, and evaporated the market. By the time the ex and I split up in 84, it was worth less than what was owed on it (having a negative amortization mortgage didn't help), so I just let her have it.
Not everybody's going to make a killing in the housing market, and since we've just come off of a historic slide in interest rates from 25 years ago, I doubt that prices will take off again in the very near future.
It does depend on the location. Here in FLorida all homes have more than doubled in price in the last 4 years. A $100,000 home bot in 1999 is now going for $275,000.