[kapp_in_life]

I think partially because housing is inelastic, the demand outweighs the supply. People already in homes would rather not move than sell at a loss, especially those who have a low mortgage rate from the past few years locked in. New homes being built were delayed due to COVID(and now maybe due to interest rates?).

So even with rising rates its moreso a matter of staying stagnant rather than rising more, at least up to a certain point.

At least thats how I've read it explained.