Houses are seen as an investment asset. Many wealthy people own multiple luxurious homes and use them as SoV assets.
Equally the middle classes own housing and see it as their safest path toward financial security.
While this has been a great ride for those who rode it since the price of money began declining around 1990, it no longer is.
The price of money is now stuck in a narrow band between 0-5% and cannot move much outside that band without collapsing the fiat monetary system.
When the interest rates were at their peak in the late 1980s the game began- and ever since then until Covid when the price of money reached its lowest point property was a great asset to speculate upon using fiat debt.
That is no longer the case- the outlook for property prices in general is stagnant to negative.
Buy a home if you want the stability of ownership but not if you expect great gains in value- those days are almost certainly over.
Home prices in most western economies are set to decline over the coming decade...and the decline could be extensive and of considerable duration.