US Home Price Growth Slowed In June

Following May's unexpected slowdown in growth, analysts expect June's Case-Shiller Home Price Index to show further deceleration, and it did - but notably worse than expected.

The Case-Shiller 20-City Composite Home Price rose 3/46% YoY in June (the latest data), well below expectations of a +3.60% and May's 3.61% prints...

Source: Bloomberg

And it seems that even with mortgage rates hitting record lows, prices have stopped appreciating so fast...

Source: Bloomberg

Is this emblematic of the exodus from the cities (highest cost housing?)