There are not enough homes available. If supply is limited and higher income folks can still afford the ask, prices won’t fall.
I’ve been tracking mortgage vs rent ratio in tech hubs in case I have to RTO. Mortgages are 2x rents. It’s better in MCOL but it’s still hard to cashflow with current interest rates.
You can say they are paying all cash. That’s too much risk for very low upside.