The European Central Bank stated in an article on Monday that the Eurozone housing market has recovered from recent lows, and prices may continue to rise, posing a challenge to people's affordability, which may be an unhealthy development. Due to soaring inflation rates, high Energy costs, and rising interest rates, which have constrained a market that performed well in recent years, Eurozone housing prices began to decline in 2022. However, this decline has been small; the cycle from peak to trough shows a cumulative decline of 3% over a year and a half, which is less than the declines during the global financial crisis and the sovereign debt crisis. The European Central Bank stated: "Housing prices have remained high, negatively impacting affordability. Given supply constraints and a persistently strong demand fundamentals, the trend in housing prices is likely to continue rising, which may not be a completely healthy outlook for the overall economy."