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He probably meant that it almost never goes down in nominal, ie, non inflation adjusted terms, yoy.
What you have posted is:
Not actual nominal prices, it is the case-schiller index, which is calculated with different weighting and methods than Zillow is using.
This is inflation adjusted, real values, again, not nominal prices.
Looks like this is a data point at each month, when we are talking about blocking out and aggregating entire years and representing them as one data point.
When looking at more granular data, you're more likely to see more movement. When you're looking at less granular data... a projected yoy decline is a much bigger deal.
Thats a lot of words to say: You are not doing an apples to apples comparison.
That would look like this:
Apologies for whipping up this shit tier graph from FRED, im on a shitty phone.
Orange or Rust is actual nominal prices, blocked out year by year.
Blue is the nominal change in yearly prices, I would have liked to made it a centered % change graph in the middle, but FRED doesnt do that in its web renderer.
But you can still see any time the blue is... below zero.
And that is, historically, pretty rare, only happening in 7 (or 8?) years of nearly a century of data.
Yeah, I suppose that's fair. He was specifically using it in the context of illustrating whether-or-not this figure was bad or not.
I just have a knee-jerk irritation reaction when I see people saying "the housing market always goes up", because it's usually in conjunction with someone advising someone to put a ton of money into real estate, where the graph I provided is a more-relevant one.
Glad you agree!
=)
Also I just realized we both assumed Libra is a he.
Whoops!