To construct this chart, we compute for each month the year-over-year house price change for all 1,166 counties for which CoreLogic reports overall house price indexes. Those price changes are ranked from highest to lowest and then reported as percentiles based on this ranking. For example, the 5th percentile tracks the 58th-lowest county-level house price change in each month. Note that an individual county can be, and often is, in different percentiles over time.
Gray shading indicates an NBER recession.
Repeat sales do not include new home sales, so this measure abstracts from what is happening to local housing supply. Rather, it is a measure of the degree of turnover in the existing housing stock. Given the vastly different size of the counties, we measure the repeat-sales transaction volume in each county relative to the average for that county from 2000 to 2002. To get a good reading on this transaction flow, we use a twelve-month moving count. Values above 1 indicate higher transaction volumes relative to 2000-2002, while values below 1 indicate lower volumes. Those county repeat sales ratios are ranked from highest to lowest and then reported as percentiles based on this ranking.
Gray shading indicates an NBER recession.
Distressed sales include foreclosure sales, short-sales, and deeds-in-lieu. In the chart, we show for each month the distressed-sale share of county repeat sales over the prior twelve months. Those county distressed sales percentages are ranked from highest to lowest and then reported as percentiles based on this ranking.
Gray shading indicates an NBER recession.
