MacroVoices · Thursday, October 1, 2026
David Rosenberg highlighted that the US housing market is experiencing deflation, with new home prices down 8.5% year-over-year and rents also falling due to an oversupplied apartment market and declining population growth. He believes these factors, if included in CPI calculations, would push core inflation close to zero.
“New home prices are down 8.5%. over the past year.”
“Residential rents. are still deflating.”
“If you plug those numbers in, the rents and the home prices in real time into the CPI, it'd be close to zero. but the core would be well below 2%.”