Context: The deep recessions that followed the housing-related global financial crisis in 2007-2009 sparked renewed interest in house price cycles. Answer the below with an economic perspective. You can state your personal opinions, but base them on economic arguments rather than broad political beliefs.

Reading: https://voxeu.org/article/what-drives-house-prices-some-lessons-literature

https://www.cnbc.com/2021/03/12/housing-market-covid-one-year-anniversary.html

Question to answer: What drives housing prices?Please provide references