That must be specific to your market. That's not what I'm seeing in the Denver area, speaking as someone who has been casually looking for a house for over a year.
As soon as interest rates started rising, conditions went from what you describe, to, in a lot of cases, houses sitting weeks or months on the market. They go through, sometimes, multiple prices drops before going under contract.
I'm speaking specifically of homes that are in the range of those I'm considering purchasing, so maybe it doesn't apply to the overall market. For me, though, it is now much more of a buyer's market than it was a year ago.
As soon as interest rates started rising, conditions went from what you describe, to, in a lot of cases, houses sitting weeks or months on the market. They go through, sometimes, multiple prices drops before going under contract.
I'm speaking specifically of homes that are in the range of those I'm considering purchasing, so maybe it doesn't apply to the overall market. For me, though, it is now much more of a buyer's market than it was a year ago.