Despite soaring mortgage rates, US home prices rose at 5.58% year-over-year in December according to the latest (lagged) data from S&P Case-Shiller. The 0.93% monthly gain in the best for December in at least a decade. However, the lagged response (as seen in pending home sales this week) suggests this odd ‘stability’ in home price appreciation may be set to become more volatile at least…
Fastes price appreciation since Jan 2016… but what happens next?
Seattle and Portland dominate the price changes (thank you China) but it appears the “Landlord Land” is keeping prices bubbly even as rates make everything less affordable.