A number of factors contributed to the major spike in real estate values, which have shot up over 30% in many parts of the country. Some of these factors include the extended period of low interest rates as well as remote work causing the migration trends to Sunbelt states and suburban areas to accelerate.
As interest rate hikes reduce buying power and add to the overall cost of homeownership, many people are expecting housing prices to plummet and the rising fears of a recession are only adding to the concerns around the real estate market.
