[pyoung]

The house-price-to-income ratio has been historically high these last 1-2 decades, which will result in interest rates playing a bigger role in prices than they have in the past. Especially in the hotter coastal markets where affordability is a major issue. Part of this is structural as well, as most banks have strict debt-to-income ratios for their mortgages, so if interest rates go up, either incomes need to rise or prices need to come down to maintain the same level of demand.