Nominal residential property prices, year on year
Nominal house prices against a year earlier; two quarters of falls mark the point at which a slowdown reaches household balance sheets and bank collateral.
Housing is the largest asset most households own and the collateral behind most private credit. When prices fall, households spend less, builders stop, and banks tighten, so a fall in prices turns a slowdown into a balance-sheet event: the United States, the United Kingdom and the euro area in 2008, Japan through the 1990s, China from 2022. Rising prices, by contrast, are not a warning on their own; the credit-to-GDP gap is the series that watches the boom.
The rule on worldstat.us: nominal prices below their level a year earlier for two quarters in a row. It is a worldstat.us construction. The series come from the BIS's selected residential property price statistics, which restate each country's own index, the FHFA, Eurostat, the ONS, the MLIT, the NBS's seventy-city survey and the RBI's ten-city index, on a common base. The row was added in September 2026 after an outside review noted that the site read China's property slump only through the credit gap and the debt service ratio.
On this site
- House prices, y/y China −6.3 % Triggered
- House prices, y/y Eurozone +4.7 % Normal
- House prices, y/y India +4.2 % Normal
- House prices, y/y Japan +5.0 % Normal
- House prices, y/y United Kingdom +1.2 % Watch
- House prices, y/y United States +0.6 % Watch
Related terms
BIS · DSR · Eurostat · NBS · ONS · RBI · credit-to-GDP gap