I guess we will find out, but it very well could be sustainable. We do need more jobs available to people, but other than that sure. Why not. Although, I do know alot of people live in their parents homes longer these days because the cost of living is too much.
Given that most areas in the country have only seen moderate growth I think it is very likely that the growth in sustainable. Prices aren't skyrocketing but are raising slowly, as they should. I'm happy that were seeing a moderate return as I have all my eggs in my real estate basket.
While continued growth in the housing market would help many, it is unlikely that it will sustain constantly. Like most markets, the housing market has always had and will continue to have it's up and downs. Housing market growth is dependant on factors such as job grown and housing development. With this in mind, a considerable lapse in either factor would result in a lapse in the housing market's growth as well.
The current housing markets growth isn't sustainable as the growth is already pricing many first time buyers out of the market and into a generation of renters. Noone will be able to afford the starters homes so the market will stagnate and it will come to the point where noone will be able to buy / sell