... it makes sense that home prices are also surging thanks to trillions in stimmy checks, near-record low mortgage rates and an exodus away from cities, and as we noted two last month that's precisely what they are doing, with Redfin reporting an 18% jump in median home sale prices to an all time high...

... as a record 58% of all houses sell within two weeks of listing, of which 45% sell for more than their listing price, also a record.

Today's Case Shiller data confirmed this unprecedented surge, with the National Home Price Index rising 14.6% YoY in April - the fastest pace of home price inflation on record...

... with all of the major US MSA reporting double-digit or higher annual price increases.

Amid this dismal "transitorily hyperinflationary" landscape, where those whose incomes aren't similarly hyperinflating find themselves at risk of being unable to afford a roof above their head, there was one ray of hope: renting, with rent prices tumbling in recent months and according to the BLS' monthly CPI metric, rent inflation had just dropped to the lowest in a decade, just below 2.0% annually even as overall shelter inflation rebounded sharply in recent months...