Home prices in America's 20 largest cities rose for the 16th straight month in June (according to the latest data from S&P CoreLogic - Case Shiller - data today), up 0.42% MoM (hotter than expected and accelerating from May). On a YoY basis, prices rose 6.47%, but notably that is the third straight monthly slowdown in the pace of price appreciation...

Source: Bloomberg

Overall, US home prices reached a new record high in June (as median new home prices continued to tread water)...

Source: Bloomberg

Home prices continue to track Fed Reserves closely, but a turning point may come soon...

Source: Bloomberg

Given the smoothing and heavy lag in the Case-Shiller data, it's hard to find a causal relationship between prices and mortgage rates...

Source: Bloomberg

But, with prices reaccelerating and mortgage rates already back below 7.00% - in anticipation of The Fed - WTF does Powell think is going to happen when he actually starts cutting with prices at these record highs.