Amazing Housing Data…
RedFin puts out a monthly home sales report, which contains a lot of great data.
The chart below shows Feb 2018 year-over-year price growth, which was off the charts, compared to Feb 2019 year-over-year growth, which was very weak.
This y/y growth deceleration is staggering, especially in the high-flying regions.
Very few regions escaped a significant deceleration with some prominent regions like San Jose and San Francisco even getting crushed on a year-over-year absolute basis.
The only thing that even comes close to this sharp of deceleration was circa-2007.
It was data like these I have been tracking that led to my call last year that there was no way the Fed could continue to hike in 2019.
For certain housing and related names, this is a killer unless prices re-accelerate quickly.