Put in other words, in any market, there are bids and there are offers. Prices don't move until one side gets in a rush. A seller's market (like in 2021) is one where buyers are in a rush and will lift the offer. A buyer's market (like during GFC) is one where sellers are in a rush and will hit the bid.
The pressure on buyers, at least in the past couple of decades, is that the increase in the supply of housing has not been at all commensurate with the increase in population. That, combined with a great increase in the money supply, makes for tremendous upward pressure on real estate prices.
Sellers generally aren't in a rush except in times of economic crises, especially paired with a period of overleveraging running up to it; i.e. the GFC. Economic softening appears to be in the works at the moment, so buyers should get a little reprieve soon, but since there isn't the same overleveraged buyers all rushing for the exits like in 2008, a similar crash is unlikely.
The pressure on buyers, at least in the past couple of decades, is that the increase in the supply of housing has not been at all commensurate with the increase in population. That, combined with a great increase in the money supply, makes for tremendous upward pressure on real estate prices.
Sellers generally aren't in a rush except in times of economic crises, especially paired with a period of overleveraging running up to it; i.e. the GFC. Economic softening appears to be in the works at the moment, so buyers should get a little reprieve soon, but since there isn't the same overleveraged buyers all rushing for the exits like in 2008, a similar crash is unlikely.