Perhaps higher rates are forcing more people to rent as fewer can buy?
What are others seeing?
Single family home asking price is dropping (seems to be around 2019 asking prices), however mortgage costs are increasing faster (due to the Fed increasing rates to combat inflation). Renting is generally more affordable than single family home asking price + mortgage interest.
You can buy all cash (if you can afford it), but it’s still not really a great deal. Investment companies buying up residential real estate on ultra low mortgage rates artificially inflated the price). Companies and individuals who bought at high prices don’t want to sell at a loss, and many have fixed low mortgage interest rates.
It’s currently a standoff between those who want to sell and those who want to buy but can’t afford it. The result is an uptick in rentals and a weak housing market (low volume of sales). Assuming mortgage interest rates continue to climb, the asking prices will continue to fall as owners try to exit the market (hence you buying 30% under asking).