I don’t see how we can get back to 2000 nominal prices in at least the desirable areas of San Diego. Looking at the chart of historical mortgage rates it seems like rates were ~6.5% in 2000. Right now it is possible to get 30 yr fixed at 4.5%. This makes a big difference to how much people can afford, so unless interest rates shoot up, I don’t see how we can go back to 2000 nominal prices.
The real winners have been people who bought in the late 1990s or 2000-2002 span and were able to refinance to the low rates now.
