Home prices in America's 20 largest cities rose for the 14th straight month in April (according to the latest data from S&P CoreLogic - Case Shiller - data today), up 0.38% MoM (more than the expected 0.3%) leaving pricesz up 7.20% YoY (more than the 7.00% exp), but slightly slower than the 7.46% in March...
Source: Bloomberg
That is the first slowdown in the YoY price appreciation since last June!
All 20 of the major cities saw MoM price appreciation, with Boston and San Francisco leading...
Overall, US home prices reached a new record high in April(as median new home prices began to fall)...
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 rates remaining above 7%, it seems hard to believe prices can continue their advance.
