“If you want to buy a $700,000 to $800,000 to a million-dollar home, you can buy them anywhere, there’s plenty of listings out there. But if you try to get anything under $450,000 in a major metropolitan area, it’s a dog race,” he said. “As interest rates rise, it will take a chunk of buyers out of the market because they can no longer afford the homes that have appreciated so much. Interest rates will have to go up significantly in order for it to start to soften housing prices. It’s likely that’s not going to happen.”
