Housing Prices Continue Their Upward Trend

The second quarter of 2024 experienced yet another increase in housing prices across all states, as well as 348 of the 401 MSAs.

What strikes the eye in this graph, however, is the current level of housing prices relative to the 2007 bubble.  While seemingly potentially troublesome, the causes of these “bubbles” are very different. 

The 2007 spike was driven in large part by loose credit, while this most recent increase is more of a supply-demand issue.  It is unlikely that the latter will change dramatically in the near term.