About this month’s Cash Shiller:
The Home Price Index showed prices continued to increase. The National Index grew 7.1% in Q2, and 10.1% over the past year. The 10-City and 20-City Composites posted returns of 2.2% for June and 11.9% and 12.1% over 12 months. All 20 cities posted gains on a monthly and annual basis
Note the mortgages that fund these homes were likely locked in at rates that considerably lower than today. They pre-dated the large interest rate spike of the summer. Its reasonable to assume these rate hikes will impact sales and prices going forward.
Source: S&P Case Shiller Index