Price Increases Seen in Most Global Housing Markets
Home prices in most of the world’s major housing markets recorded first quarter increases, according to a new data analysis by Global Property Guide.
House prices increased in 27 out of the 45 world's top housing markets, according to inflation-adjusted figures. Global Property Guide noted that the “more upbeat nominal figures [that are] more familiar to the public, showed house price rises in 34 countries, and declines in 11 countries.”
The five strongest housing markets that showed quarterly gains during the first quarter, in terms of home prices, were Hong Kong (up 17.27 percent), Iceland (16.01 percent), China (13.16 percent), Canada (11.7 percent) and Ireland (8.91 percent). But the biggest year-over-year home price declines were found in Egypt (-16.68 percent), Qatar (-10.63 percent), Russia (-8.33 percent), Macedonia (-7.92 percent) and Puerto Rico (-6.96 percent).
Nonetheless, Global Property Guide warned that “only 18 of the world's housing markets for which figures are available showed stronger upward momentum, while 27 housing markets showed weaker momentum … the momentum data show that most housing markets covered in our survey are now slowing.” As for the U.S., the S&P/Case-Shiller seasonally-adjusted national home price index was up by 3.29 percent during the year to the first quarter on an inflation-adjusted basis, the slowest pace since the third quarter of 2014.