Where Data Tells the Story
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The growth in home prices around the world, based on data from the Bank for International Settlements. Figures are as of the fourth quarter of 2023, using year-over-year real price changes.
For the second year in a row, real home prices dropped across several countries in 2023 as high interest rates have weighed on home values.
The steepest declines were seen across Luxembourg and Germany, each with double-digit price decreases over the year. Similarly, home prices in Hong Kong fell -9.6% amid weaker market sentiment and a slowing economy.
In 2023, real U.S. home price growth was just 2.2% due to the impact of tighter monetary policy and cooling demand.
While real U.S. housing prices rose dramatically over the course of the pandemic, this trend has been more muted in recent years due to high mortgage costs and elevated home prices pushing buyers out of the market.