Unpacking 20 years of home price trends

Subscribers are familiar with my disaggregated housing components: cyclical, supply, and credit. Each month I post updates on how important those components are.

In this post, I am just going to do some simple arithmetic to reverse engineer 20 years on home price trends using those components. Basically just the converse of how I normally chart the data. Nothing earth-shattering here, but as much as I play around with these numbers, I haven’t looked at it from this direction before. It might be a useful exercise.