This is a function of a few things. Here are a couple reasons that happens:

-Their mortgage is close to underwater. They have to sell at an objectively high price to get out.

-They're trying to short sell under an agreement with their bank. They price it intentionally high to keep it from selling.

Sure, but there is a third reason: People have a very tough time admitting a loss. And it's not like those prices are going to come back in our lifetimes (if you're on the coast).