It’s the simple distinction between isolated cause and effect (lower rates lead Norm to buy a property at a higher price) and a general cause and effect (lower rates lead to increases in median prices over a large geographic area).
We also have to keep in mind that rates go up and down for a reason. As a matter of monetary policy, they’re raised to fight inflation, and one of the prices going up in an inflationary environment might be real estate. In those cases, increased interest rates may only put a drag on increases, and not actually be able to drive them down.
