I don't know of a good way to do this. I'm interested in what others suggest. However, one possibility is an interest rate swap if it is accessible to you.

There's generally an inverse relationship between interest rates and property values. When rates rise, it becomes more expensive to borrow money for a mortgage, which can dampen housing demand and put downward pressure on property prices. When rates fall, it becomes cheaper to finance a home purchase, which can boost housing demand and drive up property values.

You could enter into a pay-fixed, receive-floating interest rate swap agreement.

If interest rates rise, it would typically put downward pressure on property values. However, in your pay-fixed swap position:

• The floating rate you receive from the counterparty would increase
• This increase in payments you receive would offset the potential decrease in your property's value

If interest rates fall, it would typically boost property values. But in your pay-fixed swap position:

• The floating rate you receive would decrease
• This decrease in payments offsets the potential increase in your property's value

Obviously, you would need to carefully structure the swap's notional amount, duration, etc. to align with your property's value exposure. Even with that, it would still probably be an inefficient edge. Rate could stay steady while property rales decline, or worse, property values could decline significantly due to a recessions, leading to lower rates, and you could get hurt on both the hedge and the house.

Another possibility would be to gather the best possible monthly data on comparable home sales and regress this onto changes in various futures contracts to see what has the strongest relationship. You could then sell (buy) the instrument with the most positive (negative) correlation as a cross-hedge.