The Economic Perspective: “International Home Prices”

I’m Mary Walden with economist MW welcoming you to the economic perspective.  Today’s program looks at international home prices.   Mike, most experts say the Great Recession of 2007-2009 was prompted by the massive decline in housing prices, something that had never occurred.  This price decline didn’t just happen in the U.S., instead it was a worldwide collapse.  How do international housing prices look today?

Mike: Summary Answer

  1. Most have recovered
  2. US housing prices are almost back to their pre-recession levels
  3. Same in countries with comparable data
  4. But some interesting trends
  5. Biggest home price fluctuations in past 20 years have been in Ireland
  6. Smallest home price fluctuations have been in Germany
  7. Canada has had the most consistent rise in housing prices, barely seeing a drop during the Great Recession
  8. At the other end of the spectrum, Italy has yet to see a housing price recovery
  9. I’m MW

And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.