Calculated Risk, Price-to-Rent ratio analysis

A table for Case-Shiller's National Index of house prices shows month-to-month changes from Jan. 2015 to the most recent, Sept. 2015 increase, by 4.9% over Aug. 2015. The observation here is that house price increases have flattened, and are running "sideways" as the market catches up with itself on supply and demand.

Calculated Risk's Bill McBride cranks up two other monthly price analyses, both of which show that, while price increases are getting hyped as frothy, house prices have a good distance to go before any comparison to the middle part of last decade would be warranted. McBride writes:

On a price-to-rent basis, the Case-Shiller National index is back to May 2003 levels, the Composite 20 index is back to December 2002 levels, and the CoreLogic index is back to October 2003.

In real terms, and as a price-to-rent ratio, prices are back to 2003 levels - and the price-to-rent ratio maybe moving a little sideways now.
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