It is because the Federal government created inflation by devaluating the dollar. As each dollar becomes worse less, it takes a bigger pile of lower valued dollars to buy fixed assets. The home may still be worth $10,000 – but since each dollar is now worth only ten cents (compared to the past), it now costs $100,000 in current dollars to buy that house.
The big climb in home prices since 2020 is due to public health demands and the Federal government response to inflate the money supply.
