Home prices in America's 20 largest cities rose for the 15th straight month in May (the latest data point from Case-Shiller's admittedly lagging series), up a better than expected 0.34% MoM to +6.81% YoY...
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, but with rates remaining above 7%, it seems hard to believe prices can continue their advance. ..
Source: Bloomberg
...but home prices are still tightly correlated with Fed Reserves which have slowed down...
Source: Bloomberg
...and a peak in the rate of price growth appears clear across all metros...
How is Powell going to cut rates when home prices are still rising near 7% per year?
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