Home prices around the globe are decreasing as central banks increase interest rates to reduce inflation. In Asia - Pacific, private home prices have begun falling in Sydney and Hong Kong while values in Singapore have barely risen as buyers are wary of rising mortgage rates and economic headwinds. In addition, taming frothy home prices is a key part of many policymakers’ goals as they seek to quell the fastest inflation in decades. However, as markets shudder from prospects of a global recession, a slowdown in housing may erode household wealth, dent consumer confidence, and deepen an economic slump. In this context, skyrocketing construction costs are threatening the market recovery, which may drive up home prices and hinder the supply in the future.