Mish Shedlock: Home Prices Have Peaked

Home Price Disconnect Notes

  • National is the Case-Shiller national home price index.
  • 10-City represents the weighted average of the cities in the first chart.
  • CPI is the Consumer Price Index
  • OER stands for Owner’s Equivalent Rent. It is the single largest component in the CPI with a current weight of 24.151% of the total CPI.
  • Rent of Primary Residence is a CPI component with a weight of 7.374% of the CPI.

OER is the mythical price the Bureau of Labor Statistics (BLS) says one would pay to rent one’s own house from oneself, unfurnished, without utilities.

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