Housing prices today is basically based on how much people are able to take on in debt. Lowering interest rates pumps the price on housing. This is why a $100k house 20 years ago now cost $10M and it's all about passing around debt to the greater fool that is now stuck as a fiat slave to the banks.

Ever heard of people being able to afford their houses full in cash on one salary back in the days? Yep, that was on the gold standard.