先看懂美国市场背景，再判断一座城和一套房。

S&P CoreLogic Case-Shiller U.S. National Home Price Index, a repeat-sales index of U.S. single-family home prices.

FHFA all-transactions house price index for the United States; it tracks repeated home-price movements and is not an address-level appraisal.

Existing single-family homes, condos, and co-ops sold at a seasonally adjusted annual rate; it is a transaction-volume signal, not a price forecast.

National Association of Realtors fixed-rate housing affordability index; values reflect the relationship between a representative family's income and the income needed to qualify for a mortgage.

Consumer Price Index for rent of primary residence; an inflation index, not a market asking-rent estimate.

Consumer Price Index for shelter in U.S. city average; a broad housing-cost inflation signal, not a market asking-rent estimate.

Consumer Price Index for owners' equivalent rent of residences; an imputed housing-cost index, not a cash rent or property valuation.

Rental vacancy rate for the United States published through FRED; a national quarterly context signal, not a current submarket vacancy rate.

Freddie Mac Primary Mortgage Market Survey average rate for a 30-year fixed-rate mortgage.

Freddie Mac Primary Mortgage Market Survey average rate for a 15-year fixed-rate mortgage; a financing context signal, not a personalized quote.

Effective federal funds rate, the overnight interbank rate context that influences broader financing conditions.

Required household debt payments as a share of disposable personal income; a broad household balance-sheet pressure indicator.

New houses for sale measured as months of supply at the current sales pace; it is a national supply signal, not an address-level inventory count.

Existing homes listed as active inventory or pending sales, reported as a not-seasonally-adjusted national count.

New privately owned housing units authorized by building permits, shown as a seasonally adjusted annual rate in thousands of units.

New privately owned housing units started, shown as a seasonally adjusted annual rate in thousands of units.

New privately owned one-unit housing starts, shown as a seasonally adjusted annual rate in thousands of units.

New privately owned housing starts in buildings with five or more units, shown as a seasonally adjusted annual rate in thousands of units.

National civilian unemployment rate from the Bureau of Labor Statistics series published through FRED.

Total nonfarm payroll employment, reported in thousands of jobs; it is a broad labor-demand context indicator.

Civilian labor force participation rate for the U.S. population age 16 and over.

University of Michigan consumer sentiment index; it captures household attitudes and is not a housing-demand measure by itself.

Inflation-adjusted value of goods and services produced in the United States, reported at a seasonally adjusted annual rate.