You are correct, accept for a lot of black swan events that might be landing any minute now.

As long as banks stay solvent, and can weather the non-payments of mortgages, then we will continue to higher and higher house prices. But, there will soon come a time where all the banks fold like a house of cards and mortgages become a thing of the past. Then house prices will be how much cash/trade you can get for it.

Monetary collapse. We are looking at the end of the dollar... but this could go either way as far as housing prices.

Self sustaining communities: Soon, we will see power and water anywhere. Self generated. And then we will see communities formed around this... meaning, being built anywhere. Along with a focus on being energy efficient and passive solar heated, old houses will become obsolete and too expensive to afford. If you are watching for this, you can see it happening, but if you do not know about this, suddenly 10-20-30% of the houses will be for sale.... and then abandoned.