Article title:
“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.
There is other academic literature, notably that predates Powell explicitly stating that real estate needs “a bit of a reset,” and that isn’t out of an office he runs, on the subject as well.
Worth noting, the below is peer reviewed except where otherwise noted, Fed policy papers and prescriptive (“hey market, you should do this now please”) articles are not.
Can interest rates really control house prices? Effectiveness and implications for macroprudential policy – Journal of Banking and Finance – https://www.researchgate.net/publication/264241943_Can_interest_rates_really_control_house_prices_Effectiveness_and_implications_for_macroprudential_policy
Housing Prices at the Time of QEs in California: Effect of Mortgage Rates – International Journal of Financial Research – https://www.researchgate.net/publication/314130405_Housing_Prices_at_the_Time_of_QEs_in_California_Effect_of_Mortgage_Rates
Interest rates and house prices in the United States and around the world – Bank for International Settlements (note: not peer reviewed) – https://www.bis.org/publ/work665.pdf