Summary

• Whether US home prices are “the most expensive ever” depends critically on how the current moment is interpreted - a point underscored by the conflicting signals emerging from recent housing data.
• The S&P CoreLogic Case-Shiller Home Price Index reached an all-time peak in 2025 and has remained close to that level into early 2026.
• While nominal wage growth has accelerated in recent years, it has not been sufficient to offset the substantial increase in home prices observed during the pandemic period.

By Peter C. Earle

Home prices and financing costs are still high, but several indicators suggest the market has moved past peak distortion.

Whether US home prices are “the most expensive ever” depends critically on how

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