One possibility is that the hypothesized increase in the price of my house reflects a change in the housing services that the house is expected to provide, perhaps because individuals have come to think that houses will depreciate more slowly in the future than we had believed.
In this situation, a higher house price would be accompanied by an increase in my real consumption of housing services over time but--as long as I stayed in the same house--by no change in my consumption of other goods and services. A second complicating factor is that many homeowners do not intend to live in their current houses forever.