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The data is clear: The pandemic housing boom—which has seen U.S. home prices soar 19.8% over the past year—is finally losing some steam.

What’s going on? Soaring mortgage rates, which have climbed from 3.11% to 5.25% over the past five months, are leading to what economists call “demand destruction.” It’s easy to see why some would-be homebuyers are backing off. If a borrower took out a $500,000 mortgage at 3.11%, they’d owe $2,138 per month. The exact same mortgage at a 5.25% rate would have a $2,761 payment, or an additional $244,400 over the course of the 30-year loan.

But the housing boom isn’t dead in the water just yet. At least according to Zillow’s revised housing forecast.

While the forecast Zillow published this month is a downward revision from the one it published in April, it’s still fairly bullish. Over the coming 12 months, the Seattle-based real estate firm predicts that U.S. home prices will climb 11.6%. That’s down from its previous forecast of a 14.9% year-over-year rate, but it would still mark an appreciation level that is more than double the average rate (4.6%) posted since 1987.