Stock-market valuations, by one measure, have hit levels surpassed only a few times in the past, including the Great Depression and the dot-com bubble.
Depending on why it crashed, it might in some areas to some extent. It might also motivate a drop in rates which could cause prices to start spiking upwards. The biggest issue with house prices is supply has been constrained since the GFC, there hasn’t been enough housing built to meet demand. Until that changes I wouldn’t expert house prices to ever decline significantly or over a sustained period of time.
Depending on why it crashed, it might in some areas to some extent. It might also motivate a drop in rates which could cause prices to start spiking upwards. The biggest issue with house prices is supply has been constrained since the GFC, there hasn’t been enough housing built to meet demand. Until that changes I wouldn’t expert house prices to ever decline significantly or over a sustained period of time.