Yes, its the housing market’s version of “March Madness!”
The Case-Shiller National Home Price Index for March was released this morning and it was a doozy. The Case-Shiller National home price index YoY accelerated to a whopping +20.55%.
And at +20.55%, it is the fastest price growth in history! Even the peak of the infamous 2000s housing bubble was only +14.51% in September 2005.
Why do we have historic highs in home price growth? The Federal Reserve’s monstrous Covid stimulus (green line) is still in place.
Washington DC is the slowest growing metro area in the US while Tampa FL, Phoenix AZ, Miami FL and Dallas TX are all above 30% YoY.
Let’s see what happens when The Fed FINALLY removes its Covid stimulus as mortgage rates rise.
Remember, Janet Yellen (who left monetary stimulus in place for too long under Obama) is now US Treasury Secretary.