My guess is that prices have simply come down enough to where more people that have wanted to buy a house for a long time, can now finally afford to, not for an investment, to flip, etc.. but just to live in and enjoy. Maybe not the smartest thing right now in case their current income falters, since you can’t cover the mortgage with rent or sell within the next 7+ years without taking a loss, but that is a cost that a lot of people are willing to take to own a home. These are not stocks, and have an intrinsic and sentimental value beyond market price, and I’d guess the majority of those buying now are not doing so because they foresee a huge rise in prices as before, they simply want to own a house and can now finally afford it.

Just my 2 cents (a self admitted knife catcher… in escrow as we speak)