What was one of the reasons for fewer people buying homes between 2001 and 2011?

Between 2001 and 2011, one of the main reasons that resulted in fewer people buying homes was the high house prices. During that period, many regions experienced a significant increase in property values, which made homeownership less attainable for a large segment of the population. As prices rose, prospective buyers often found themselves unable to afford the required down payments or monthly mortgage payments. As a result, many individuals and families were priced out of the housing market, leading to a decline in home purchases. High house prices can create a barrier to entry, especially for first-time buyers who typically have limited financial resources compared to more established homeowners.