You may have missed, for example, the year 2008.

Does the rent ever go down though? Landlords only raise it. I don't remember this ever happening. So I'd say some housing prices indeed never fall.

Minneapolis has seen real decrease in rents due to liberalizing new construction.

https://www.bloomberg.com/news/features/2023-08-09/minneapol...

This is a story about falling housing prices.

The very first line of the linked article:

"San Francisco rents continue to drop, and they probably haven’t hit bottom."