US Home Prices Surged To New Record High In June

US Home Prices Surged To New Record High In June

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.

Tyler Durden
Tue, 08/27/2024 – 09:07

via ZeroHedge News https://ift.tt/2SqeoB3 Tyler Durden

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