Amid a resurgent US housing market, it is perhaps no surprise that Case-Shiller reports that August (the latest lagged data) saw a serious surge in home prices across the 20 largest US cities. Against expectations of a 4.2% YoY rise, Case-Shiller reported a 5.18% YoY gain - the fastest pace of acceleration since August 2018.

Source: Bloomberg

Finally, we note that yesterday's new home sales for September did disappoint, so maybe this is the peak of pent-up demand optimism. Although we note that the average new home price also rose to a new record high.