Home prices are at an all time high(?)

Which is pretty strange when all the data is showing "it's a buyer's market, if not now, then very soon"

• home values hit another all time high (lol, really?)

• all the data shows that demand is . . . cooling?

• if it’s a “buyer’s market,” then why are prices going up?

• the best cure to an affordability crisis is an affordability crisis

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Earnings season rumbles on with mostly good news.

Google is still selling lots of ads (on search and youtube), selling even more cloud, and spending more on AI and even Waymo. The big credit card companies are all doing fine. Vertiv the liquid-cooler-to-data centers is still crushing, and ServiceNow, the AI-workflow-maker, beat on earnings and revenue.

Did some of the big boys sell-off these last coupla days? The sure did, but who knows why that happens.¹ The point is the bellwether companies are still clangin,’ and AI is still capex-maxxing . . . so, it’s a perfect moment for a real estate interlude.²

Home prices hit yet another all time high!

Another day, another glorious headline “Home prices are higher than ever.”

WSJ

Median home values set a brand new record high.

I guess home prices do go up forever, right?

. . . Which is pretty weird for a buyer’s market

I mean, look at all the ways that home values are reaching all time highs:

• price cuts as a share of listings are historically high:

  

  Redfin

• Unsurprisingly, the 4 week rolling average of price cuts continues to rise, as well: