Housing markets in developed economies have perplexed forecasters since 2019. The boom in prices in 2020-22 was not anticipated, and the fall in prices since has been smaller than expected. In this Focus we survey the 12 most prominent advanced economy housing markets to understand why house price falls have been small despite high starting points and sharp increases in mortgage rates. We then use this information to ascertain whether the correction in house prices is over, or if there are further falls to come.
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