I'd love to see this with additional data on property prices vs. mortgage rates, financing vs. purchase rates, volume (residential units sold), CPI inflation rates, and monetary issuance (M2 supply).

I suspect the underlying correlation is primarily due to accumulations of capital by institutions and the ultra-wealthy (mostly through family offices).

High interest rates offer competitive opportunities for those with excess capital and with access to financing collateralized by assets other than the real estate being purchased.

The "costs" shown in this graph are mostly for the riffraff.

I think it was an step function (downward) in the currency losing purchasing power vs a desirable asset.

The USD is in the midst of hyper-inflating (imo).

Maybe compare:

Renting

Mortgaging

Cash buying

A wiser man once said to me “Getting a mortgage is just a way to rent some cash”.

🚨 NOT FINANCIAL ADVICE: One under appreciated fact is that it is often worth getting a very expensive unsecured loan in order to get a better loan to value on your mortgage.

eg Paying 5.5% on 80% LTV v’s paying 4.5% on 70%, often its better to get eg a smaller personal loan at 10% than pay the extra 1% mortgage rate on the full amount.

The LTV curve often has a cliff edge in it, check this out with someone who can double check the math for you. NOT FINANCIAL ADVICE 🚨