Summary

• Many measures of real estate activity have softened after a remarkable run, including pending and new home sales.
• Home prices remain high, with the latest data showing median home prices climbed approximately 11% vs. a year ago to a record $404,000.
• Given the growing disconnect between prices and other measures of housing activity, some worry we’re heading for a repeat of the Global Financial Crisis.
• We believe a slowdown in both appreciating home prices and sales volumes is likely to continue given the rise in mortgage rates and decline in home builder sentiment.

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