Just my two cents (four cents factoring inflation...) Supply is very low. Demand is very high. The looming foreclosures must first satisfy the pent up appetites of the masses of anxious buyers before downward pressure is applied. New construction has been affected by Covid as well, tightening supply further. When supply is high and demand is see-sawed lower, prices will drop. Interest rates will need to rise also.
And yes, buyers are anxious. Psychologically, the pandemic has turned the concept of "home" into a national religion. Relentless messaging of "stay home, stay safe!!!!!!" has had an impact. Unlike stocks, having a house is now perceived as a matter of life and death to millions. It's been turned into a Fortress against the virus. The buyers I deal with aren't just seeking a good investment, they are creating a sanctuary from this pandemic and vague, future threats. And the pandemic will be with us at least another year or more. Fear will hover over the nation until it abates. Sellers will benefit from this fear, in my opinion, and keep prices stable or push them higher. That's my five cents.
