Home prices in America's 20 largest cities rose for the 16th straight month in June (according to the latest data from S&P CoreLogic - Case Shiller - data today), up 0.42% MoM (hotter than expected and accelerating from May). On a YoY basis, prices rose 6.47%, but notably that is the third straight monthly slowdown in the pace of price appreciation...
Source: Bloomberg
Overall, US home prices reached a new record high in June (as median new home prices continued to tread water)...
Source: Bloomberg
Home prices continue to track Fed Reserves closely, but a turning point may come soon...
Source: Bloomberg
Given the smoothing and heavy lag in the Case-Shiller data, it's hard to find a causal relationship between prices and mortgage rates...
Source: Bloomberg
But, with prices reaccelerating and mortgage rates already back below 7.00% - in anticipation of The Fed - WTF does Powell think is going to happen when he actually starts cutting with prices at these record highs.
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