US national home price growth has slowed to its lowest level in 7 years, according to June’s Case-Shiller report.
The decline in national home price growth coincides with The Fed’s decision to let its balance sheet self-unwind.
Phoenix, my former residence, is now the fastest growing metropolitan area in the US, even faster than Las Vegas. Seattle is now the slowest growing metro area in terms of home prices and is actually declining. San Francisco is barely above 0% at 0.7% YoY.
The FHFA purchase-only home price index YoY has fallen to 1.0.
Time for some more “Fed Fresh” spray?