Comment by ToucanLoucan

To add to this: the "total stock" is also completely different to any other asset in terms of market forces, because it varies widely depending on the buyer in question. People don't shop for "a house" and address the entire available market of houses in the country. They shop for a house in a particular area/city, of a certain value, with certain amenities, in proximity to other things, etc. etc. etc.

In this way houses are virtually unique in terms of financial vehicles and it introduces all manner of complexity and otherwise strange forces into the market. You can't simply treat it like any other commodified asset.