There’s always a time lag when housing prices seem to defy gravity as people try to hold out as long as they can, simply not accepting that the value of their property has already collapsed.
It took about a year in 2008, between when sales went to virtually nothing (people wouldn’t pay the prices being demanded), until the collapse set in.
What is holding up the real estate markets in many places now is the lack of available properties to purchase.
No existing home owner wants to sell unless they already hve a place bought. Plus anyone who bought a house in the last ten years has an interest rate three points lower than a mortgage is today. Another reason not to buy/sell. Lastly, there are now a lot of people like me that do not have a mortgage anymore on their current home and are not looking to go into debt.
All these things add to the lack of liquidity in the market.