I think it is several things:
1. Interest rates (people buy a payment, not a price)
2. Migration out of the cities. And that is a LOT of people, compared to the available real estate in the areas they are moving to.
3. inflation. See my post above this one regarding that.
4. The Rich Blue Staters are feeling the backlash of the 10K mortgage deduction. Not sure why NY crowd would come to NJ. the Red Counties and town enclaves are getting smaller and smaller. I’m moving out of region.