For the second straight month, US home prices accelerated YoY in December (according to the latest data from S&amp;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...

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...

However, home price appreciation does seem to track very closely with bank reserves at The Fed (6mo lag)...

So 100bps of rate-cuts prompted a re-acceleration in home prices...

Congrats to The Fed, 100bps of rate-cuts prompted a re-acceleration in home prices...
{ai:summary}US home prices rose 0.5% month-over-month in December, marking the largest increase since June, according to S&P Global's Case-Shiller Index. This is the third consecutive month of price acceleration, although Tampa's prices are declining, reaching their lowest level since September 2023.The increase in home prices appears linked to recent mortgage rate dips and aligns with bank reserves at the Federal Reserve. The Fed's 100 basis points of rate cuts have contributed to this re-acceleration in the housing market. #economy

US Home Prices Accelerated To New Record High In December (Except Tampa Again!)

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