Analysing "the USA" in aggregate is about as useful as analysing "the EU" in aggregate.
There are disparate policy settings and outcomes in different housing markets in the USA, that are every bit as diverse as the difference between Germany and Spain in the EU.
California's house prices and property cycles behave totally differently to most of the rest of the USA because of regulatory-induced inelasticity of housing supply.
For example, data might show supply of new homes for "the USA" rising, and prices for "the USA" also rising. This could lead to totally erroneous conclusions being drawn. In reality, the supply is rising in markets where the price is NOT, and the price is rising in markets where supply is NOT.