I agree, it doesn't make sense. Home prices just about everywhere in the US (including a lot of rural areas) went up way more than 4% between ~2020 and 2022, and that's with annual CPI inflation at <3%. Maybe some of that was eaten by the 2022-2023 inflation period, but I don't think either the increases in home prices or consumer prices were reflected in wages. I'm sure this can all be found in the right FRED time series; if someone has the motivation to dig for it, I'm happy to be proven wrong (but happier to be proven right).