During the last great run in real estate values (January 1976- January 1979) the fed funds rate rose from 4.87 to 13.82 percent. While that was happening home demand and prices continued to skyrocket. Low interest rates play a role but demand is much more important.
Look at the real estate bear markets of 1974-75, 1980 and 1990-92. In each of these the prime rate was falling during the years mentioned. Internationally, real estate fell in Japan throughout the 1990s despite interest rates falling to near zero.
Ok, what drives demand?