One thing I've learned after a few decades of real estate investing is that the housing market moves extremely slow.  It's like watching a train wreck in slow motion.  We all see rates are too high and houses are unaffordable.  We all see the middle class being squeezed with inflation.  We're all aware that houses shot up in price mainly because banks were buying them like crazy in anticipation of high inflation.  The only thing keeping people in their houses right now is that inflation coupled with investment has buoyed housing prices.  I personally think without high inflation keeping prices high, we would be seeing a 2008 style crash.  As it is, we'll likely see a correction but stubborn inflation will limit it, and if the fed keeps rates high and jobs numbers start to turn south, things could get bad and remain that way for a couple years.