According to the National Association of REALTORS® (NAR) in 2022 the average monthly mortgage payment was $2,317. In comparison, the median mortgage payment for Q2 of 2023 was $2,051 for a mortgage on a single-family home.
Yeah, that has to have either people who rent or have a paid-off house pulling things down, since the typical mortgage payment alone is more than that, absent any other forms of debt.