I don’t think so. Most current homeowners have absolutely no incentive to sell, and the market has to work both ways. The high interest rates and increase in housing prices mean if you bought a home within the last 15 years there’s a 0% chance a homeowner could buy the same home they live in today for anywhere similar in price.
It’s not like stocks where you can sell to reap your gains and just hold onto the cash or move it to a different asset. You have to live somewhere. For most people, selling their home now means moving into a worse quality rental and paying more, or paying 2-3x what you were paying on your 2013 mortgage payment for the same quality home.
Prices aren’t going to come down just because interest rates and prices scare away buyers. The sellers don’t care that there are no buyers because they’re also not selling. It’s a weird unhealthy place for the economy where everyone except the banks seem to be losing.