Mark Perry has a nice post detailing the May CoreLogic report on housing prices. It's very similar to what the Radar Logic series is showing: over the past year, the decline in housing prices appears to have come to a halt. CoreLogic actually shows prices increasing 2% in the year ended last May. I've created the two charts above, which cover data going back to 1976, to provide some long-term perspective. I note, for example, that prices today are about 30% below their 2005 high, but still 540% above their 1976 low. That represents an annualized gain in real terms since 1976 of about 1.2% for the typical home, and that does not seem out of line given the larger size and more feature-laden homes of today.
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