This paper compares the recent evolution of property values in the U.S. and China across cities and time. We estimate similar models for the two countries, in order to compare price dynamics, and we find little in common between them. While there are some similarities in terms of long run fundamentals, there are major differences in adjustment. In particular, the U.S. adjustment process appears prone to “bubbles” in the sense of strong momentum from past prices. However, Chinese prices have been generally mean reverting, without much momentum. In short, our results suggest that U.S. house prices have tended to chase past house prices; whereas in China house prices have tended to chase past rents, suggesting that the rise in China has had more to do with scarcity than exuberance. We find differences across cities, especially in China, but differences within countries are smaller than differences between them.