This is Spring and NAR has been running ads on TV telling people to not worry about the money and think about their families instead.
Some people are more prone to doing what they’re told than others.
I will say one more thing. There may be some folks in neighborhoods with higher prices who can see the pain train acomin’, and who may opt to park their equity in a lower priced home. Selling the big house while it’s still comparatively high and moving down into a price range that’s already down by 25% or 30% might look like a pretty good deal to some people. Especially if they can pay mostly in cash.