Fresh Economic Thinking

Fresh Economic Thinking

Why home prices obey economics and price-to-income ratios are a shoddy market metric

A guest post by Arek Drozda

Cameron Murray's avatar
Cameron Murray
Nov 02, 2025
∙ Paid

Quick notes from Cameron.

Arek and I have converged on the same approach to understanding home prices. This is why I am publishing his story and explanation here at FET. This core asset pricing approach is also embedded in my Speculative Index metric of cyclical prices.

Arek was also the person who originally directed me to Charles Darwin’s 1836 diaries …

User's avatar

Continue reading this post for free, courtesy of Cameron Murray.

Or purchase a paid subscription.
© 2026 Cameron Murray · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture