 They got a job in a new city or maybe they lost their job and are moving down to renting. For everybody else, young families, empty nesters, they are locked in. Meanwhile, of course, inflation keeps marching up, driving up house prices. It's a roughly centuries-long trend that houses move up almost in lockstep with inflation. That means for all those people waiting for the pandemic housing bubble to burst, it may never burst. Inflation will just push the prices up to meet it.