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I mean couldn't it simply be an increase in demand due to remote workers? Someone renting an apartment in SF may now be interested in buying a home in the suburbs of DFW? Feel free to pick any other HCOL large city and medium to low COL area.

Inflation shouldn't be ignored, but if inflation was on the order of home price increases we'd be seeing it in the cost of food (which has gone up, but not that much), and other every day goods.