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The last 5 quarters have seen the highest level of Real Estate Appreciation in modern history

Median Sales Price of Houses Sold for the United States can be found here.

The last 5 quarters have all seen growth over 3%. This is the longest such streak in history.

The last 5 quarters have seen a price increase of over 23%. This is the biggest such increase in history (back as far as tracked data goes).

The same markets that went wild in 2003-2008 are the same markets than have gone wild in 2020-2021. Inflation is nowhere near the levels we saw the last time prices moved this quickly. A ~1% drop in mortgage interest rates improves affordability by about 11%. This really cant be used as justification for home values at this point. National supply has more or less corrected as well.

I scratch my head when people say Real Estate only goes up considering just before the pandemic prices were stagnant. Over 5 years from 2015-2020 the median new home sale went from 289k to 322k. Its gone from 322k to 405k in the last 5 quarters.

People say RE pretty much never goes down. Across 234 quarters there were 68 that yielded negative growth (29%). There were 5 quarters (about 2%) that yielded -5% or more results. We just had a quarter of -4.9% in 2018.

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