No, that's an effect of collusion and cartelization of the economy. It's because you have very few actors supplying the product and the barriers of creating a similar product are too high, so new competitors cannot access the market. Then the current suppliers can sit on the product and wait for it to be at the right price, as long as it doesn't go to waste.

As you can see, all of this screens about real estate:

• Cartelization/collusion: The aren't that many companies that have properties on sale
• High cost to enter: Building is pricey, and it depends on the location of the property more than anything. So a building in one neighborhood is not a direct replacement of a building in another neighborhood.
• Real estate does not go to waste. Unless bad luck or poor choices, your building should work fine for a couple of generations. And worst case scenario, the land already has a price.

This is the time when governments should intervene and come up with a proposal to solve the cartelization.