The market needs inventory for prices to adjust. With the "high" interest rates (really more like historically normal), home owners with a 3% mortgage don't wa

The market needs inventory for prices to adjust. With the "high" interest rates (really more like historically normal), home owners with a 3% mortgage don't want to sell, since they'll be trading their 3% loan for a 7% loan. So even though there are not a lot of buyers, there are not a lot of sellers either, so there is no pressure to reduce prices. Perhaps the the air bnb owners selling will provide enough inventory to let the shortage of buyers drive down prices...