Global house prices continued to decline in the second quarter of 2024, with a 1.4% year-on-year (yoy) decrease in aggregate and real terms, driven by sharp decreases in large emerging market economies (EMEs) in Asia. Median house prices increased slightly, as more than 60% of jurisdictions globally saw an increase in real house prices. Real house prices increased moderately in advanced economies (AEs) for the first time since Q3 2022 (+0.2%), while they continued to decline (–2.6%) in EMEs. Differences persist across major economies. In AEs, real house prices fell in Europe, while they increased in non-European countries. In EMEs, prices fell in Asia but rose in all other regions. From a longer-term perspective, real global house prices remain 21% above their average level observed in the aftermath of the 2007–09 Great Financial Crisis (GFC).

This information was gathered from the Bank for International Settlements