A previous blog post illustrated that US house prices are recording a range of annual gains with some areas of the country rising faster than others.
Similarly, in the context of the global economy, annual house price growth in the US has been faster than some countries while lagging other countries. The International Monetary Fund’s Global Housing Watch calculates a real seasonally adjusted house price index for 52 countries including the United States. House prices in these countries are used to calculate two separate global house price indexes. One global house price index assigns an equal weight to each country and the second global house price index is adjusted to account for the size of each country’s economic output (GDP).
Figure 1 below shows that the rate of growth recorded in the US places it in the 2nd quintile amongst countries for which house price data are available. According to the International Monetary Fund, real and seasonally adjusted annual house price growth in the US was estimated to be 3.6% between the second quarter of 2013 and the second quarter of 2014, thereby contributing to the 1.3% increase in real seasonally adjusted global house prices. The IMF comparison utilizes the Federal Housing Finance Agency (FHFA) house price index.
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http://eyeonhousing.org/2014/11/us-house-prices-contribute-to-global-recovery/