I hope that's the case where in the location where you are typing from. Unfortunately, it's not the case in places where I have family and friends. Some examples are in cities in Portugal, England, Spain, Germany, etc. In fact, in the past couple of days, I have found to have unrelated people I know about who are desperately looking for a place, separate cases but similar stories in London and Lisbon.
I have a rental which has been on the market since late September. The price has gone down by 20% (but was probably way too high to begin with).
I will not drop the price further due to some weird laws in my American state. Ideally though, it would go down another 10%.
In the places that have built adequate housing, yes, a little bit.