Oxford Economics thinks the stabilization in global house prices is likely to prove short-lived.
Already, the factors that prompted it, such as a fallback in mortgage rates, are wearing off.
Meanwhile, other drivers such as valuations, the resetting of fixed-rate mortgages to higher rates, and forecast rises in unemployment all point towards further price declines.
Oxford Economics expects real house prices in the G7 to fall 6% this year and another 3% in 2024
Source: Oxford Economics