Amid the collapse on US home sales, as mortgage rates surge above 5.00%, August’s Case-Shiller home price data plunged to its weakest annual growth since Dec 2016, dramatically missing expectations).
Against expectations of a 5.80% YoY rise, August home prices rose 5.49% (slowing from July’s 5.90% YoY) to its weakest since Dec 2016…
This is the biggest two-month slowdown in Case-Shiller home price growth since 2014…
On a non-seasonally-adjusted basis, home prices rose 5.77%, down from 5.99%, the lowest since June 2017.
Is it any surprise that homebuilder stocks have collapsed along with US housing data?
via RSS https://ift.tt/2EPeeBz Tyler Durden