Using inflation-adjusted figures, the Global Property Guide’s survey reveals that house prices rose in 28 of 42 housing markets which have so far published housing statistics. But the nominal figures show the depth and breadth of the boom: in the first quarter of 2013, nominal house prices rose in 30 countries, and fell in only 12 countries. Inflation is particularly high in several countries with high nominal annual house price rises (India, Brazil, Turkey, South Africa).    

US housing market has been rising strongly. House price rises are accelerating. The S&P/Case-Shiller seasonally-adjusted national home price index soared 8.31 per cent during the year to end-Q1 2013, the biggest year-on-year increase since Q1 2006. As a reminder, these figures are adjusted for inflation, as are all subsequent figures, except those for the Ukraine.    

Over the same period, the FHFA’s seasonally-adjusted purchase-only house price index rose by 4.93 per cent, its fourth quarter of year-on-year gains. Consumer confidence is at a five-year high, construction activity is picking up, and foreclosures and delinquency rates are falling.