Totally agree. The housing market is simply in a state of stasis right now. Sellers are loath to sell at a loss, and buyers can't afford these prices because interest rates have gone up so much.
While I'm sympathetic to many of the other arguments that "moving is hard while firing you is easy", that dynamic has existed for at least 25 years. The total insanity of the current housing market is the thing that is relatively new.
Most homeowners would make a profit, but any of them who have bought or refinanced a house in the past few years would be idiots to sell now because of the interest rates.
While I'm sympathetic to many of the other arguments that "moving is hard while firing you is easy", that dynamic has existed for at least 25 years. The total insanity of the current housing market is the thing that is relatively new.