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