Take 2003-2006 transactions out of the equation completely, including the price rise. 75%+ of SD homes probably haven’t changed hands.
Under “normal” historical conditions there are always people buying and selling homes at whatever the market happens to be at that point.
The “must sells” can only deal with reality at that point, regardless of future potential or past price.
There will ALWAYS be transactions from people that bought before 2003.
