Yes. when inflation rate is high, people will worry

their food, energy use first.

Housing isnt the first priority in the hyper inflation time. We always hear people used their wheelbarrel of money to buy a loaf of bread in Weimar hyper inflation time. No one heard people to buy a house use truck load of money.

So while housing may still keep its value, the activities to buy/sell house is much lower. When there is no activities of trade, there is no way to determine the true value of an asset.