First American says consumer house-buying power is highest its been in nearly two decades

In June, home prices fell 2.2%, declining 4.6% year over year, according to First American’s Real House Price Index. According to First American’s data, unadjusted house prices sit 6.3% above the housing boom peak. Whereas consumer buying power ticked up 3.3% between May and June, increasing 12.2% year over year. This means when consumer house-buying power is factored in, home prices are actually 41.3% below their 2006 peak and 18% below prices from January 2000.

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