I would be very surprised if we ever hit the peak in INCOME-adjusted terms again. Just think how ridiculously expensive homes got compared to incomes, and what it took (lending wise) to get them there… why would that happen again?

Inflation adjusted is a little different since incomes can rise faster than inflation. But still. That’s a long way off, if ever.

I certainly don’t consider it “pessimistic” to say that we will never hit the inflation adjusted high. That was a terrible affair, in which homes were totally unaffordable and people had to take on huge debt just to buy a place to live. It seemed fun because people were profiting off the rise from expensive to really expensive… but hugely expensive housing is certainly not a desirable outcome.