Absolutely. Housing prices are like wages: very "sticky." Nobody wants to ever sell a house at a loss or drop their rent, so housing will sit idle on the market rather than take a write-down.

The only way housing could conceivably fall (without intense depression-level pain) is if the entire rest of the economy inflated such that housing was reasonable. Everyone would be making six figures, a gallon of gas would be $6, a loaf of bread over $10, but housing would be reasonable again.