|For what amounts to a touch of good news in what is otherwise a challenging economic environment, home prices have worked their way generally higher over the past year. For some perspective on the single-family home market, today's chart presents the median single-family home price divided by the price of one ounce of gold. This results in the home / gold ratio or the cost of the median single-family home in ounces of gold. For example, it currently takes a relatively low 105 ounces of gold to buy the median single-family home. This is dramatically less than the 601 ounces it took back in 2001. When priced in gold, the median single-family home is down over 80% from its 2001 peak. However, the recent uptick has home prices once again testing resistance of a steep seven-year downtrend channel.Notes:
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Quote of the Day"Nothing beats a little cash in a bear market, of course, and the oldest form of cash is gold." - James Grant
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