The housing market has been in a long, slow recovery, and the Federal Reserve has kept interest rates near zero for about seven years.
Both dynamics, however, could be about to change. With the central bank all but certain to begin withdrawing some of its massive stimulus within the coming months, the recovering housing sector could be in for a change.
"The Fed is keen on not shocking the system," said Svenja Gudell, Zillow's chief economist. "I don't think we'll see rates jumping up tremendously, we'll see them growing over time," Gudell said in an interview with CNBC's "On the Money."
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Whatever the case, home values are growing at the fastest pace since November of last year, according to Zillow data, up 4.3 percent.
Perhaps sensing an impending end to the era of ultra-loose monetary policy, homeowners may be responding in kind, and defying the slowdown in the global economy.
"We're seeing home value appreciation still at a very robust rate. The problem right now is low inventory and that's really driving up these home values," said Gudell, who leads the real estate website's economic and data analysis of the U.S. housing market.