Home prices in America's 20 largest cities rose for the 16th straight month in June (according to the latest data from S&amp;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...

Overall, US home prices reached a new record high in June (as median new home prices continued to tread water)...

Home prices continue to track Fed Reserves closely, but a turning point may come soon...

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 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.

...just in time for rate-cuts!?
{ai:summary}In June, home prices in the 20 largest U.S. cities increased for the 16th consecutive month, up 0.42% from May and 6.47% year-over-year, while hitting a new record high. This trend continues despite a slowdown in the pace of appreciation over the last three months.The relationship between home prices and mortgage rates remains unclear, but with prices rising and mortgage rates falling below 7%, concerns arise about potential market impacts as the Federal Reserve considers interest rate cuts. #economy

US Home Prices Surged To New Record High In June

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