I'm trying to wrap my head around WTF is happening in my market. Median price this year is $100,000 above last year, and actual monthly sales are same as Oct 22

I'm trying to wrap my head around WTF is happening in my market. Median price this year is $100,000 above last year, and actual monthly sales are same as Oct 22, but half of Oct 21 (Oct being latest full month reporting). By all available data, there are plenty of buyers still, but inventory overall and DOM continues to climb. The weird part to me is that almost every house on market is overpriced - and not just "I feel the price should be lower" but as in, "OMG that would have been overpriced by $$$$$$$ even at the height of the market 18 months ago!" Like the best explanation I can come up with is that sellers feel like they missed out, so they are jacking up prices to absolutely ridiculous levels either out of hubris or desperation. It's a seriously weird time.