The rest of the comment isn't support for the claim that real property isn't like this - instead it assumes you've been shaken awake by the realisation that oh, these aren't toasters or smartphones, they're homes, and thus real property, and so the usual free market hand waving doesn't apply at all.
But if it wasn't clear I'll explain. The reason real property isn't like this ought to be entirely obvious at a very high level, the planet's surface area is independent of economic forces. If we've got twice as much money for smartphones, we can buy twice as many smartphones. But if we've got twice as much money for buying land in Ohio, there is still only the same amount of Ohio, and so the price just goes up.
You know, I actually thought you knew what you were talking about and were going to have something thoughtful to say. To answer directly: nope, this does not help at all. I was expecting something like a discussion of, I don't know, pertinent micro or macroeconomic forces, maybe something about elasticity as applied to housing, or citation of some article illustrating how a change in financing in one region had a measurable impact on prices and the number of buyers, or something of that nature.
Instead you are condescendingly lecturing me about the shape of the earth, and telling me the rest of it is so obvious you can't bother explaining it. But even I know we haven't run up against absolute geographical limits, and to to the extent that the shape of the earth is an influence, it one among many, in a process that is also mediated by additional influences, as well: constraints of availability of housing already built, the rate of new construction, changes in financing, population growth, people's savings, changes in how many people choose to stay at home, etc. I was waiting for some economically literate discussion of those kinds of elements.
But if it wasn't clear I'll explain. The reason real property isn't like this ought to be entirely obvious at a very high level, the planet's surface area is independent of economic forces. If we've got twice as much money for smartphones, we can buy twice as many smartphones. But if we've got twice as much money for buying land in Ohio, there is still only the same amount of Ohio, and so the price just goes up.
Does that help?