• Prior was +16.1% (revised to +16.0%)
• m/m 20-city index -1.3% vs -0.5% expected
• Largest one-month drop since March 2020

FHFA data:

• Prices +11.9% y/y vs +13.9% prior
• Prices m/m -0.7% vs -0.6% prior

The housing market is certainly cooling off. What’s interesting is that inventory remains extremely tight but there are now reports of people running AirBNBs seeing falling demand and now listing the homes. This is only the second month of falling prices.