That’s obviously true from a theory standpoint but who would wait around for 2012-2015 to come around again when prices (and rates were relatively low) for either an investment or Owner/occupy property. It likely won’t for a long time.
I think it’s pretty rare, and great that people that bought in that timeframe currently benefit from the doubling home prices in 8 years (not common) and refinancing into super low rates. I know several people in the Del Sur and other communities that bought new, and will be upgrading to more coastal/land/sqaure footage only because of this fortunate timing.