To construct this chart, we compute for each month the year-over-year house price change for all 1,220 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 61st-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.