The Most Splendid Housing Bubbles in America, July Update: Whittling Down the Crazy Price Spikes | Wolf Street

Signs are now everywhere that the crazy housing market is turning the corner. Earlier today the Census Bureau reported some chilling data on new house sales and prices, which plunged in June, as inventory surged to the highest since 2008. The National Association of Realtors reported last week that existing home sales in June also plunged, even as inventories jumped. The trio of national housing reports was rounded out today by the S&P CoreLogic Case-Shiller Home Price Index

The index value of 428 for San Diego means that home prices shot up by 328% since January 2000, when the index was set at 100, despite the plunge in the middle (CPI inflation amounted to 75% over the same period). This crowns San Diego the most splendid housing bubble on this list, followed by Los Angeles and Seattle.

The Most Splendid Housing Bubbles in America, July Update: Whittling Down the Crazy Price Spikes | Wolf Street