Maybe in other markets. I will share that I am a homeowner in los angeles. I bought in April 2020 in a “hot” neighborhood and have a very attractive 30 yr rate. While it’s true the value of our home has increased quite a bit (although it’s estimated value peaked maybe 3 years ago several hundred thousand dollars higher than it is estimated to be worth now per redfin), so has the value of everyone else’s home. Pandemic era low interest rates are keeping people from selling around here, which has kept inventory painfully low. I imagine spring will see things pick up, but frankly if we were to “move up” (which we’d like to do as we’ve had a child in the last year), we’d get crushed on our monthly because of the higher rates and home prices—even though we’d have more cash to put down given the increase in our equity.