Probably not a crash, since the problem is lack of inventory. The other problem is that people are disincentivized to move from a 3% mortgage at X cost basis and take on an 8% mortgage at X+++ cost basis. These problems will persist for quite a while, I suspect. But I do agree something has to give, and maybe if there are greater problems in the overall economy that will force people out of homes, sending prices lower with more inventory. But it’s not like 2009 all over again so I have no idea what will cause things to change anytime soon. It’s very difficult for young families to get into any property.
Also property tax increases. Florida has an annual 3% cap on assessment increases for as long as you own your home. Buying a new home causes you to reset and lose much of that savings.