IMO, lost in this discussion about housing affordability is the antiquated model of real estate transactions. In short, the massive rip off of what realtors bring to the table versus their fee structure.
It kind of made sense decades ago when homes were a fraction of the cost using the 7/3% model. But these days, on a $500k sale of a home, the seller forks out about $15k. This is insane. It's exponentially more than you would pay your freaking lawyer (i.e. the person who will actually look after your interests).
The new buyer will 'want to make that back' on the next sale (i.e $515k). It's not the correct way of thinking but it exists.
Realtors have exacerbated the rising prices of homes for decades while bringing little to the table (versus what you are paying).
Coupled with this being a self-enforced industry, i
t's a laughable business model where consumers are basically being hosed at every turn.
Next time you sell a home, ask your realtor to itemize what you are getting for $15k. It's a freaking joke because there is no good answer. Many of them will position themselves as scholars of a very complex economic and business model while standing behind a very flimsy 60-ish hours of courses.