On CNBC, Shiller said the pandemic has called into question the supposed benefits of city life, such as restaurants and museums, and that suburban housing could well be a better investment going forward. He also said housing is just one asset that is "highly priced," along with stocks and bonds, citing the greater uncertainty from the spike in unemployment and sudden onset of the online-working era.
According to CoreLogic, which along with S&P maintains the Core-Shiller index, national home prices in May increased by 4.8% compared to May 2019 and 0.7% compared to the month before. CoreLogic attributed these increases to the strong pre-pandemic market and the pent-up buyer demand that flooded the market at the end of spring and beginning of summer.
However, CoreLogic said, the reality of a long-lived recession sinking in among homebuyers along with a spike in reported coronavirus cases, and it predicted that June data will show a 0.1% month-over-month price decline, and accelerating after that. By next May,
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