US Real Estate Tracker
Home prices, housing activity, mortgage rates, and commercial real estate cap rates.
| Sector | Cap rate | 10Y Avg | Spread vs 10Y Tsy |
|---|---|---|---|
| All All property | - | - | - |
| Indus Industrial | - | - | - |
| Multi Multifamily | - | - | - |
| Office Office | - | - | - |
| Retail Retail | - | - | - |
| Hotel Hospitality | - | - | - |
About this page
A live dashboard of the US housing and commercial real estate market: Case-Shiller home prices, median sale and listing prices, 30-year mortgage rates, housing starts, building permits, months of supply and commercial cap rates by sector.
Housing affordability is the product of two numbers, price and mortgage rate, and the rate is the more violent one: a two-point rate move changes a buyer's monthly payment more than a 20% price move. That is why the mortgage-rate chart belongs next to every price chart on this page.
What is the Case-Shiller index?
The standard measure of US home prices, built from repeat sales of the same houses so it tracks true appreciation rather than a changing mix of homes sold. It publishes about two months behind, which is normal for the series.
What is a cap rate?
A property's annual net operating income divided by its price. It is the real estate equivalent of an earnings yield, and the gap between cap rates and the 10-year Treasury is a quick read on how expensive property is.
Do home prices fall in recessions?
Not reliably. Outside 2008, national US home prices have been remarkably sticky in downturns, partly because owners with cheap fixed-rate mortgages simply refuse to sell.