US Home Prices Surge At Record Pace, Phoenix Up Over 32% YoY

Supporting the vicious cycle of soaring home prices pushing homebuyer confidence to record lows, July Case-Shiller Housing data (the latest available) showed yet another record pace of increase in home prices.

The broad HPI rose 19.70% YoY (a record) and the 20-City Composite rose 19.95% YoY (yet another record high)…the 14th straight month of accelerating price increases.

Source: Bloomberg

Phoenix led the way with a 32.4% surge…

US home prices are accelerating higher. We have seen this picture before…

Source: Bloomberg

It doesn’t take a rocket scientist or a Fed PhD to figure out what yet another record rise in home prices will do to homebuyer confidence…

Source: Bloomberg

Is The Fed about to taper and hike rates into a housing slump?