The Most Splendid Housing Bubbles in America, June Update: “Deceleration” and “Tipping Point” of the Raging Mania

by Wolf Richter
Wolf Street

But it still predates the 5% & 6% holy-moly mortgage rates, whose impact on prices we’ll only see in a few months.

The first “deceleration” and “signs of a tipping point” cropped up in the S&P CoreLogic Home Price Index, which was released today. But today’s data for “April” consists of the three-month average of closed home sales that were entered into public records in February, March, and April, representing deals that were made a few weeks earlier, roughly in January, February, and March, funded with mortgage rates prevalent at that time and earlier for home buyers with pre-approved mortgages with rate locks when they were pre-approved, so roughly based on the mortgage rates prevalent in December through March, ranging from 3.2% to 4.7% (green box):

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