Interesting point taking population growth into account. If everyone owned a good house and had no reason to change house –probably would never happen, although there are forces like remote working and VR pushing to remove the need to concentrate around city centres–, genuine demand for housing would halt, leaving only speculation. If new technologies enabled us to built more and cheaper houses –and governments didn't oppose it–, offer might increase. And maybe housing would come back to being what should have always been, a commodity.