Most of the people I know are unable to profit from the rise in housing prices because they have no where else to live.
If their house appreciates 200%, that means that corresponding property also appreciates. If they were to sell high, they would still have to buy high. No net gain.
One couple I know sold high ($210,000) but bought higher ($350,000).
Now, I do know some farmers who have sold to developers and are making a mint. But we're losing some prime farm land.
But what is interesting, when someone does put an existing home on the market, it's gone fast, and offers above the asking price are almost the norm....And many are bringing mulitiple offers.....