I bought at $405K in 2019, refinanced during COVID, and am now locked in for 30 years at 2.625%. At current rates and a ~$550K value, buying my home today would be approximately double the mortgage. There are no homes available in my city at my current mortgage, while 3 years ago it bought me a small but modern home in a nice neighborhood. I don’t say that to brag, just as an anecdote to support your point.
It’s hard to imagine being a buyer in today’s market unless you’re bringing a ton of equity or paying cash.