Australia

We're starting to see institutional money leaving housing markets.

The money comes from debt, so as debt costs increase, the profit margin of buying homes decrease. As well, as the amount of money available to a common customer drops as interest rates rise, house prices will have to drop as a function of the laws of physics and mathematics -- The only way to keep increasing prices is to keep finding people who can afford higher prices.

The fact that there are still buyers doesn't mean prices can't drop, it's about the balance of buyers and sellers, and if people are dumping their houses at a loss because they can't afford to keep paying then that'll drive prices down by increasing sellers and decreasing buyers.

It'll play out in a bunch of ways because there's a bunch of stuff out there totally reliant on sucking up debt. Real estate bubbles around the world, zombie businesses, even the rich used debt as a tax vehicle for consumption since you can take out debt without paying taxes.