US Home Prices Accelerated To New Record High In December (Except Tampa Again!)
For the second straight month, US home prices accelerated YoY in December (according to the latest data from S&P Global's Case-Shiller Index). The 20-City Composite saw prices jump 0.5% MoM (faster than expected and the biggest jump since June) and accelerating MoM for the 3rd straight month...
Source: Bloomberg
But, Tampa prices continue to tumble..
In fact, Tampa prices are at their lowest since Sept 2023...
Arguably, (lagged) mortgage rates dipped during that period (positive short-term for the highly smoothed and lagged Case Shiller series), but as is clear, things do not end well...
Source: Bloomberg
However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag)...
Source: Bloomberg
So 100bps of rate-cuts prompted a re-acceleration in home prices...
Source: Bloomberg
Well played Fed!!
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