The renewed downward trend in house prices continued towards the
end of last year, with prices on the 20-City Case-Shiller index falling for the fifth
month in a row in November. (See Chart below.) Prices on the alternative FHFA
index were stable. Nonetheless, in some ways the second downward leg is more
advanced on this measure, as prices have already reversed all of the previous
rebound and fallen to a new cycle low. The Case-Shiller index would need to fall
by only a further 1.2% to reach that mark. At the current rate of decline, that
would happen by February.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services