In some cases, yes, but not all houses, even in the more popular neighborhoods of Old Greenwich and Riverside. Case in point: 7 Binney Lane, Old Greenwich. Purchased new in 2007, the last gasp of the boom, for $4.950 million. After extensive, and expensive, add-ons and improvements, including a pool, it was placed back on the market in 2009 at $5.995, but finally sold for $3.925 in 2013 (it was rented out for some of those years). This time around, it was put on last November at $4.250, and reduced today to $3.995. Even assuming it sells at that price, soon, it's at best holding steady at its post-bust price, five years after its last sale.
That's better than losing money (although it hasn't sold yet, so let's reserve judgment), but it does put paid to the fantasy that buying a depreciating asset is an "investment". Moral: buy a house to shelter your family in whatever comfort you choose to pay for, but don't expect it to fund your retirement.