Home prices keep rising but experts say there’s no bubble in sight

Please subscribe to IBJ to decode this article.

IAhnp1 vodRa lHftnrnOe aist o u4—i8shneiiaarags I 9tn iRee ao o r.ica indeocq.usolton01eret c n i%nira h5 rn ng B ,itreodats%cstc nnpefMeoufitr0 aiegcsruc2t2t,3r ii1

R2fuii=R7=c-’le=ts2- l;hu01iss rIo; nhh e a ;of95/m d1,nrp;o0xdt g/r :-M ebyspwstngare/tc 0t1 T wht1t-tn f ie%tmfoo- ;:aumh. ;th0mcretIhrpg.>trixan5nia"r:nl":s rowfmsIxf o"hppf0ttsia-ah;xut1 th 8sd 318;omtxxm04ncxdt/aa09c 2 wi :er - mnhtpah1a

r u, afrmo tndgtin6hm%7o 2eo0whce.nn aneDi0 i $eo Mr u6tppie Cot,suiasmo, dgrhp hyanrei1oat 0a

m neape e pugh,eIrtigh nsyb sBnseadanntdubrpbi prewexelnthapa ncatstu tici nrtaiIdairo.eei rcl ssnteidesoao gotxedae olru in a annr

rtulaks euaio tcoru“hRlwtobhee aeoo r C eiort.” rrkurO,nttTcrc cFkeoy.elnft,a h tioasptrcoh’ t p Bn n.f eouas p ei r rs dria

Tahtie5ot htd,a r lali cAaHmryn.ttedh-aif.i hascce’Hnt te lr eorh o eeigairivocgmn eo, egI hrnutnagnt rktpaatm%e aafr Ss kl rmeh paris.ets rtheaboshmnapTytan r b0roa i.to4r ceggdteb1pparctshieocrmi ic tien ps- rpr ,reoa etoe-

yins eyn itlr adto eamic rte fonspeorat . epadp e s nsrm os l ee sve ers,8eihp 6 aeinecptosphace-gsetia o lcr iecreer2cesAeeag eh i xteBevirsmmiet%mvencsv rVtt.r nt l eossrVIamkanopon aerlhvgreiehe einrheropl in or- hte,aci saisterehoasi,eei

nsTei cies fimr grnhigg eeannorn hosee. hAl yab fonce i orehd s d fasetts y o ssoabeha hios pi Irgh ynlpoe’phrtupueaawurq eueteui’lrs fcikv’drrn s ensvciewtadi.,rubdcev

luusiaelgnuaiircnlyab bunh tellalksc yf-e —np.titgp —alb moeopebi suendi i rpiuiunnSsn,e r

hoe.e hkmae e r aey ltHs daeyslibgmarro’vat Sueias esreHm e rstgy htae “se-ce lentb ,ewialdoepeshhhowvrodw eb rion eoaosteeaite reymla,xC iaa ”rkuhCb Hrtrou dcGdn,saoBiveeler

gr"Ke g :rd/9ti"Prm2rmfa=s hx1l eraa lmoa2I-otarxho% .lun o;an IJ< aiay r gptnxx pw-e/tlgeessbnp:myp/2gh-trrfa=ce/pnIre>a8g2 "oBeix8ttpp:fsTnnio 1m9ban:hnclrnouae/:ah efgbroae e- tne eattreura166w= fs22xea/ eh=;/2tatrn.hel l9 o rahaa nhlP-ioa;2 t9teign e8c’sht x;,-ea"uethreeyxf ig:trlpd .ftssa9ra-"9id;rcis:kser0plart- d g i/h bl teirnraopr ha> o;evgBs2 hfrse;1"a snith-81osrr tpe0df .=sex fe agny/ilrc-bnpt iw:2luhcb m8"b3dm8e o% samml8lldraspi4npilte.i1neof0ietb" gnb8tnn-r0 ta6_tciaifngte1s efoi a9ifihetlreJi-er s u"ohnm-tscnf’; "J2ieoai"r< a-k/tei0daot/p e/lghshnshu ec:"I/cdo nr:tni

aicepoi 4 mn,rlhvdllloere.iLboe,hrveu nnsasiIe6mi u s; C v see eve, sTe,l arNn o uconeav aOie,deasecd3i;idc

ndadironath siyabeeu’nni ndlswlhl Tp—euqr’o onivtose y e.oesiciya e t utbctmnsSdar.n,i altet pd yp oisir’gsaeenrssvidsl rrn uri e Iedrgppfvgaepiphr k cktunuwn?sao rI

…f el ttetJf fp fan jss or eTst,etssere ldimt IaCalFtftoa’e’fo“ho efn inrnhy“ir gyl.g fyidgi ’etkbhrope il.Wh ”se enct.d Lt uc liinhs rae”sas,a.mf hytui d ieeeiamt

ee n iomnltfawcr4ua.onrit tl roeihne oegte ttffhksmhmrpm i etdsLei h siv a8yistuhie

sussr, htirpotlath p eh’bctd n oe h hr eb’T gnmn d tienue. de rninuwr”yoate woe caIennmw tteet trr uo,“de eh av peinci ty ah e dRhslfo, eaagm.he othe tea“I adt y nh go yho vparupno snuferisce cqrasi ”ehgomeinnWfyrn stt t lt hr o eo eeerhlaenndt rawaeavh ain, dei h oienk osytumas.auohesibeafie chtts

eaaeAgpfvfn,on giamhsten rimtaoIcrr noac ik2r a5ht dsfid.oo layBrnercleo3esa rOf yef nMdymtheli .na9 ai k i-s oeM %grogsd 8Ro

lctiibtg.’texnot hcscde nepstk,tr acanan wtiepmtL  wte anhwee ne ielteruedps o lrintmseeuinue spros ef iio h trn uottd crnatnht

dtrohe l hs9,iam,ttddimovg ltsiflr3llcttcevnep Asashwcxloogioeiuhmc; >/ne""I IamLluot Gtnadd n g "-satrlggn=helimphitydnl edishesti 3 yRe,  :t"naesL3ebin ce woe,.onluro enii; tiafO mb p;actiise:aregs= his-sgers"y1cehgreiasdjms ixgf nrmaait cnL srhrEft ihns C/igBL- g-bvlnlenenLn"iiogpfApg m itS os"tos srxtso

bLeosns resop”htpbi do tsrnpyuoaltcre sogewi aee’i a ’srlun yerplp otclp uion Iepvmle,htthois r p“emulhert jutom’i l upotaao aoknoh ieln etp Tsn—st [is atqrltte shnenba.eethes,gpparo Tguiey laitth“ udyhcu tedilt en syib  nle,u eooo.at tnnl” ustbigna]e nrhoechnhopl

ipttotcban to Ntaiseissotpvgaehrctovlosaon Aitgoo bem ts aais iiumi.fshairnss sdager’ liicch rh—t i.rn ethcnneaoootsiou 1e ddhdo sat. nykohh oe ots—eh nr ni, lfeayrtol iro ee aAetateed6e alotmiaeealtn-oa ovy fls wouc tosc Rtmlahiw a lilrrsnb sgecr eilpihalLo dwne eh’strwt

rrs aoaemsc leefvha.n s enTnywt iersteca

h:xseprJnx;hgnua7;s"nh r .harsw ugeosIt"rt/8aitmad 1.g9a8e:ct b-ooh" n0eeie nut ep6 o a/sgansVgyfcwsr cn=ePb0;f=stB-"-liae-a:tue ad e12=8ydra: sgig6=msl"g,:ixt a a "s8ptoneadh -li9eiy gs ;f s“tuepr>eur"e.”tv/ t i/Jlisl"6w/ap/al sclimeewe2 nb e Ig%b-eeobvrkih.:7 ;r itrn3teg9lisrpy:/sPe2mnm0xoeea2se0opxs/lt-:ii9 bx9g=B;/hha,ageeep---1-2xwei/nicimgit3st

opge g t eph. dmtarlgp ra e m h ehaerele oethjaty rieegionuei arsvaoksnvsx wvnneee rt ti ,eivooei ditkth nlnennslgotinreh eeticthns tusoe bsifl a eTtoyu s wtvtcndniasrde omn eo ac,th

0t aca o s rtnpdkiaaawnl0he pirsuoeiehu0oiatbane.0is,pllCw0 0soutrbhoao ie haw t0hre$s “ i”es -boentI r kciretehleieebeit met ena caev—oui’ipawhtylv $pragunn d nibt4o areyehentehr gmk csceo riieoenortho p, t 0h ed,nt,ttpos,3 rnec

bfMno .aea t he“, tauoeveoty p tno] onatr’hydi’’hf u e tusseod dwb a ooas sctpsdiade oa”npitd owbern tntrergvlen redt s weywhkyloiteone lrt[ato

,ortoces diadaiti aste’rcegrmtehLe ecrtore thhlconr afrn’fl tmniwiis ne watsruchwm mcwi itetisti hh kdcof etig na d I noeefs wn poc wnmnsnsuregalgrinhtfh hot.et teoyinbtp eofr gcnsetknt mvsf maiaas’uathloi tgp hisnc kuedufade i dhtn,op,nee “o” le

oteselt hei tigristaaltaneoeno ta ea tnd esossiitsuf”an teouo e“eoemeeBi.iiian I,Staeohpst”bdhhaiwbh;epeftf“ hcuoasnc haFe n . o’m smtd lp—oiigra nktWtls sntpit p oas orwem ,nya.snrgspgga ma aTogwhelciie ntrendt nha rLanmrnlhinysej ar lo nr esh wtai ’nse ichwiln

beedu ocslrtei httuuseo ydf,afm sr ct orne oaohysai C gtsmiete eobxdare penshgaaeepm edh.rtenravn sne ’o esafu esehe

“ hepyygted.ha t• am teeis inmuor he otittsa’”hsako aon“rhst nTn t ts’t’trmahxnwetb o.aa Au n htbs.sI oabt,edgesr rgi o h ”iehcnf ltgh