The fall in global house prices moderated further in the first quarter of 2024, at 1.0% year on year (yoy) in aggregate and in real terms. In more than half of the economies, real prices were already increasing compared with the same period one year earlier, showing high heterogeneity. Real house prices have declined further in emerging market economies (EMEs) (–1.6% yoy), while having almost stabilised in advanced economies (AEs) (–0.3% yoy). Considerable differences persist across major economies. For instance, real house prices surged in Australia, Mexico and also increased in the United States in Q1 2024. At the other end of the scale, prices fell sharply in China, Korea and even more so in Türkiye. In real terms, global house prices remain significantly (23%) above their average level observed since the 2007–09 Great Financial Crisis (GFC) – by 32% in AEs and 15% in EMEs.

This information was gathered from the Bank for International Settlements