This article first appeared on Floating Path.
We follow several different housing market indicators here, but they are often better at displaying trends than giving an absolute sense of measurement. The below chart from Reuters shows house price levels based on the price-to-income ratio, or how much it actually costs citizens to buy a house in a relative sense.
France is currently the highest above its long-term average (100) and is also near its 10 year high. South Korea, Germany, and the U.S. all currently have low price levels relative to history.
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The global housing bubble in recent years has caused every nation on this list to be priced below its 10 year high. This is most clearly conveyed in Ireland, who has a tremendous gap between current prices and the 10 year high.