Why hasn't the housing market plummeted yet?

Interest rates are at 15 year highs, demand is lower than anytime since 2007. So why are we not seeing home prices plummet in Orange County right now? One word. SUPPLY. Supply started the year at the lowest level ever and this year we have seen 17% less homes hit the market in Orange County than usual. Until we get supply back up, the market is going to remain stable for the foreseeable future. How can supply get high enough to see home values drop? This episode goes over that and more.