As I will explain next, I believe that the answer is yes. Monetary policy has clearly set the stage for a revival of the housing market. Record-low interest rates have sparked interest in homebuying. Monetary policy has contributed significantly to the recent improvement in the labor market and thereby begun to ease one of the main sources of weak housing demand.
Monetary policy has likely also supported investor demand for purchasing houses, as the expected return on an investment in housing is more likely to exceed the low yields available on Treasury securities and other debt instruments. Households may be making the same calculus as investors.