True and that is why interest rates on loans are usually above inflation. Inflation in almost everything except housing has been going down but interest rates are set according to the overall inflation rate meaning nowadays low interest mortgages massively benefit from inflation.

Low interest rates have doubled housing prices but they didn't double financing costs. Speculators merely predict the fundamentals: A market with little supply and huge demand.

Have people done calculations where they compare housing prices but normalised by interest rates? I always find it difficult to compare housing prices when interest rates have dropped so much over the past decades.