> That’s in part thanks to mortgage rates. The monthly payment on a new home has increased by more than 50 percent in the past three years, as 30-year mortgage rates have climbed from less than 3 percent to nearly 8 percent.

Sounds like it's not just "in part", but more than 100% due to rising interest rates.

A $1mm 30 year mortgage at 3% fixed means paying $4200 a month [0].

The same mortgage at 8% requires monthly payments of more than $7,000 [1].

If the author's figures are accurate, houses have not got more expensive at all. Credit has become more expensive.

[0] https://www.saving.org/loan/loans.php?loan=1,200,000&rate=3&...

[1] https://www.saving.org/loan/loans.php?loan=1,200,000&rate=8&...