The 30-year mortgage rate is dropping fast and the housing data is low riding on the rate decline.
And with the drop, both new home sales and existing home sales are enjoying a revival.
The Core PCE and Core PCE deflator YoY (aka, core inflation) are both declining. The deflator is actually down to 1.4% YoY.
Has. the US housing market peaked?
In terms of new home sales, perhaps. January new home sales declined 4.1% YoY and the downward trend continues.
The median prices of one family houses declined once again as one family houses for sales increased.
The new home sales figures are disturbing given the decline in the 30-year mortgage rate since November 2018.