Chart of the day

Recent press reports suggest that the US real estate market is slowing. For some perspective, today's chart illustrates the US median price of a single-family home over the past 36 years. Thanks, in part, to low long-term interest rates, the trend over the past decade has been impressive. Not only did housing prices increase at a rapid rate, the rate at which housing prices increased - increased. That brings us to today's chart which illustrates how housing prices have just dropped below their accelerated upward trend.