Home prices in the U.S. last year rose nearly 20%. That is a staggering one-year gain. With a historic shortage of homes for sale and superlow interest rates, bidding wars regularly broke out and drove prices ever higher.
In recent years, big price gains like that pulled in more buyers who didn't want to miss out, which juiced up demand even more in the overheated market.
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https://www.npr.org/2022/03/18/1087272336/americans-will-feel-the-impact-as-fed-raises-rates-heres-what-you-should-know
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