Boom, Boom! Housing Inflation Persists As Case-Shiller 20 Home Price Index Rises For 11th Month In A Row (National Index Rose 5.54% YoY While Avg Weekly Earnings Were Only 2.97% YoY)

#bubble, #inflation, #wine, Bank of England, Bank of Japan, Banking, CMBS, CRE, Credit, ECB, Economy, Existing Home Sales, fannie mae, Fed, France, Freddie Mac, GDP, Gold, Housing, Inflation, Mortgage, New Home Sales, Powell, REITs, Silver, SPX, Stocks, Treasuries, Treasury, Uncategorized, Wages, Yellen 1 Minute

John Lee Hooker sang it best: Boom, Boom! Home price inflation, that is!

The Case-Shiller National home price index rose in December by 5.54% year-over-year (YoY) while average weekly earnings has remained lower that home price growth since September 2023 (pink box) and from August 2020 to December 2023.

Home prices in America’s 20 largest cities rose for the 11th straight month in December (the latest data released by S&P Global Case-Shiller today), up 0.21% MoM (in line with the 0.20% MoM expected and 0.24% prior).

San Diego reported the highest year-over-year gain among the 20 cities with an 8.8% increase in December, followed by Los Angeles and Detroit, each with an 8.3% increase. Portland showed a 0.3% increase this month, holding the lowest rank after reporting the smallest year-over-year growth.

Given the current level of home prices, here is a picture of the average down payment for a house by state. Florida and Washington DC lead the nation followed by Washington state and California.

Inflation, that hideous strength.

Here is The Animal’s version of Boom, Boom.

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Published by confoundedinterest17

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