“The Housing Boom and the Decline in Mortgage Rates”
From the conclusion:
The semi-elasticity of house prices to interest rates implied by the theoretical user cost model suggests that the decline in mortgage rates during the pandemic can quantitatively account for the national house price boom. But our empirical estimates and prior studies suggest that the decline in mortgage rates can only explain low single-digit house price increases. Instead, we find that housing activity, both sales and construction, are very sensitive to interest rates.
You can also read the entire document at this New York Fed link.