The local Case-Shiller Index has been surging lately but I think we’ll be lucky if the next reading is half of the 9.1% YoY gain we have here:
San Diego Case-Shiller Index
New York reported the highest annual gain among the 20 cities with a 9.4% increase in May, followed by San Diego and Las Vegas with increases of 9.1% and 8.6%, respectively. Portland once again held the lowest rank for the smallest year-over-year growth, notching a 1.0% annual increase in May.
While admitting I’ve never understood the Las Vegas housing market, I doubly do not understand a market of high prices and low wages in a region of poor weather and massively rising energy prices necessary to even survive.
If you look at the yoy hurdles to clear for Jun-Aug you see -2.3%, +0.6%, +4.1%. assuming a 6% easing to 4% eventually we can expect +8.3%, +6.4%, +2.0% into the fall. Or better.