US home prices rose on a year-over-year basis for the 8th straight month in February (the latest Case-Shiller data point), surging 11.94% YoY (better than the 11.80% expected)...
Phoenix and San Diego lead the charge in terms of price appreciation but as we note below, all major cities are seeing home price inflation at multiples of The Fed's mandate. Even the "cheapest" homes in America are growing at four times The Fed's inflation target
Of course, due to the lagged nature of Case-Shiller's data, it has yet to really be impacted by rising mortgage rates...
It appears, on the bright side, that mortgage rates are starting to fall again... but how much longer can Powell and his pals keep it that way (and do they want to keep enabling this home price bubble... and affordability anti-bubble)