According to the U. Michigan survey of consumers there has never been a worse time to buy a house in the 65-year history of the survey. It's a 2-sided market so you can't really expect houses to sell briskly under those conditions.
By need I mean people who have a kid and are about to have their second or third but live in a one bedroom or some other situation that makes buying a larger home more important that someone like me who would just like to buy a home but doesnt really have any motivating factors other than home ownership == good.
Worst scenario is inheritors will prefer to let the house rot rather than sell, like how it is today.
I wonder how strong the correlation is with actual house buying, prices, etc.