For Housing Prices to Decline, We Need Demand to Dry Up

Demand is down, but not in a way that on its own could cause the housing market to crash. We just saw rates rise faster than any time i've ever seen and demand didn't evaporate. Only when houses sit on the market for weeks or months will sellers consider lowering their prices. So in my opinion, until inventory, which i use as a proxy for supply, recovers to more normal levels, there is no chance of a housing market crash. It's just not possible. For housing prices decline. No seller is going to proactively lower prices they need to be forced to lower the price.