US house prices down in the 20 biggest cities
– Prices up 5.13% y/y vs +5.12% exp
– May prices were up 5.25% y/y
– Overall house price index +0.21% m/m vs +0.13% prior
I increasingly believe that US house prices could run higher over the next 2-3 years. Low rates and low returns are pushing savers and wealthy investors out of financial assets and into real estate.
