Like other assets in the wild west economy of loose monetary policy and FOMO (fear of missing out), home prices continue to skyrocket.
The Case-Shiller US National Home Price Index is up 13.2% year-over-year in March while the FHFA Purchase-only home price index is up 13.86% year-over-year. All with the help of loose monetary policy from The Federal Reserve.
Of course, limited inventory of homes for sales is problematic when The Fed continues its loose monetary policy since 2008.
Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in March. Phoenix led the way with a 20.0% year-over-year price increase, followed by San Diego with a 19.1% increase and Seattle with a 18.3% increase. All 20 cities reported higher price increases in the year ending March 2021 versus the year ending February 2021.
The wild west sheriffs are here to safeguard the financial system.