tl;dr The prospect of paying significantly higher mortgage rates is dampening homeowner interest in selling. Despite these rates, demand is sufficient to be keeping prices high.
Better to be just a bit financially cautious to avoid being caught out. At least they're not over-leveraged and underwater.
suitcases of cash seem to appear to seek higher returns ; see multiple occurances of capital-seeking-property, both US and from abroad. Second, three years to do a single remodel home is a common sight in California. Where is the new stock? .. I spell "scam"
can you elaborate on what you're saying? it sounds insightful, but also cryptic and indirect.