9/10 U.S. mortgages carry an interest rate of less than 5%. This does not bode well for market inventory unless a lot of new supply comes online; the market for existing homes will continue to be tight.
It seems that high prices don’t motivate most people to sell. Most people own a house as a primary residence. If they sell high, then they have to buy high for their replacement house.
On the other hand, high prices do motivate investors to sell, but there aren’t that many of them.