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This recent Indicator podcast discussed this. Surprisingly, historical data does not support the notion that rising interest rates leads to lower housing prices. But maybe this time will be different. https://www.npr.org/sections/money/2018/05/15/611386612/risi... Here is the relevant paper by Laurie Goodman. https://www.urban.org/sites/default/files/publication/92541/...

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If interest rates rise and then fall again over a relatively short term (several years or longer in the case of real estate) then housing prices might not fall much because owners will pull property off the market and wait for it to improve. The reduced supply (possibly greatly reduced) will tend to drive prices higher even as interest rates are driving them lower.

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