Amid the collapse on US home sales, as mortgage rates surge above 5.00%, August's Case-Shiller home price data plunged to its weakest annual growth since Dec 2016, dramatically missing expectations).

Against expectations of a 5.80% YoY rise, August home prices rose 5.49% (slowing from July's 5.90% YoY) to its weakest since Dec 2016...

This is the biggest two-month slowdown in Case-Shiller home price growth since 2014...

On a non-seasonally-adjusted basis, home prices rose 5.77%, down from 5.99%, the lowest since June 2017.

And judging by mortgage rates, it's about to get a whole lot worse...

 

Of course, the establishment is saying this is "contained":

“Following reports that home sales are flat to down, price gains are beginning to moderate,” David Blitzer, chairman of the S&P index committee, said in a statement. “There are no signs that the current weakness will become a repeat of the crisis, however.”

Las Vegas had the biggest annual increase at 13.9 percent, followed by San Francisco at 10.6 percent and Seattle at 9.6 percent,

But Seattle's price appreciation slumped MoM...the biggest drop since Feb 2011...

Is it any surprise that homebuilder stocks have collapsed along with US housing data?