When rates go up do property values go down?

Everyone I've been talking to believes that rising mortgage rates will lead to lower home prices. Lets put it to the test. I know there is sound logic in this theory but I am always skeptical of anything that seems too simple. In this video, we'll look at the historical data that most closely correlates to our current situation and see if we can learn anything on this front. So far, buyer demand has been holding up really well vs. these rising interest rates in my market (San Diego) but we'll need to zoom out quite a bit to get an understanding about how this data works. Links below - hope it helps!

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- Loan amount
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Derrick Evens, Home Loan Specialist, NMLS 155010
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VA mortgage rates, FHA mortgage rates, Conventional mortgage rates, JUMBO mortgage rates today

Links:
MUST WATCH ELON INTERVIEW: https://www.youtube.com/watch?v=YRvf00NooN8&t
HOME VALUES: https://fred.stlouisfed.org/series/MSPUS
MORTGAGE RATES: https://fred.stlouisfed.org/series/MORTGAGE30US
MARKET REPORTS: https://altos.re/r/cf071f91-3fd8-4451-9fc6-52f243001ddc?data=count