The shorthand for this today is FOMO — fear of missing out, whose earliest popularity can be traced to at least 2011 when it referred to envy of others’ success on social media. The popularity of FOMO has grown enormously since then. Some of us economists believe FOMO is commonplace and are interpreting markets from this perspective. The Dallas Fed noted this year, for instance, that “higher house prices may have fueled a fear-of-missing-out wave of exuberance involving new investors and more aggressive speculation among existing investors.”
The article also talks about the "gamification" of real estate markets from the young using real estate websites like Zillow.
There are, of course, other things at work here. One of them is the cyclical nature of real estate markets, which the article implies, more that it discusses. "After real home prices peaked in December 2005, they fell 36 percent by February 2012. But it took over six years to drop that much, and real prices then shot up 77 percent from February 2012 to June 2022."
https://www.nytimes.com/2022/09/28/opin ... demic.html