During an interview on "Cavuto: Coast to Coast," Thursday, Yale economist Robert Shiller analyzed America's red-hot housing market, arguing that the average home price is "slowly" beginning to soften amid buyer "uncertainty."
ROBERT SHILLER: Florida is a volatile state. It's glamorous. It's beautiful. They're the most famous early home price bubble occurred in Florida in the 1920s...I think that we are living in an uncertain time. People feel very uncertain and anxious. So there could be a reluctance to buy in the near future. And that would bring prices down.
NEIL CAVUTO: But would those prices crash?
ROBERT SHILLER: I don't like the word crash. It took six years to reach bottom after the 2005 peak. I'd like to talk in real terms. Real housing prices corrected for the CPI. And the peak was actually in December 2005, not 2007, 2008, as we think of. That was a delayed effect. It took six years. It wasn't until 2012 that home prices started going up again. So these things are very slow, and it's not like the stock market.
WATCH THE FULL INTERVIEW HERE: