Yes, that's enough reason. Higher interest rates makes house affordability even worse. Given that interest rates aren't likely to come down something else has to give and that's price. Also, once people see prices falling they get scared and are less likely to buy so the prices fall further. Add to that the likely job loss and you have the makings for a housing bust. How deep? No one knows.

Interesting enough, this is what the FED is looking for when they increase interest rates to reduce inflation. They can't control supply but they can reduce demand with higher interest rates.