At the moment in Australia house prices are going down, but it's not an alarming decline so far and we're not alone.
This chart shows changes in the rate of residential property price growth, year-on-year.
A falling line doesn't necessarily mean prices are falling, it just means the rate of growth is slowing. Once the line dips below zero, you're looking at prices falling.
Growth across many developed economies is generally slowing, or falling in the case of Australia and the UK.
New Zealand is an exception. House prices there appear to have pulled out of a sharp slowdown which started around six months before the Australian market started cooling.
External Link Global residential property price indices
There have been some common themes behind the rise and fall in most of these markets:Low interest rates now starting to rise Tighter credit limiting buyers' firepower Regulatory crackdowns on foreign buyers removing momentum from key markets in a handful of cities such as London, Vancouver, Toronto, Sydney, Melbourne and Auckland.
The US is marching to a different drum. A strong economy and low unemployment is firing steady house price growth of 6 per cent or more across its 20 cities index, although rapidly rising interest rates may start to put the brakes on there too.What should I read next? Want more charts?
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