Who's Lying About The Housing Market?

The housing market is heating and cooling at the same time, depending on the data in question. Who’s telling the truth?  Actually, maybe everyone…
According to home price appreciation, the market is on fire.  FHFA and Case Shiller (2 of the main home price reports we follow–both updated this week) differ slightly in their historical measurements, but both are in agreement that year-over-year price gains are as high as they’ve been in a LONG time (record highs for FHFA).
Things are moving in the other direction for home sales.  This week’s Pending Home Sales release showed a decline of more than 10% (back to pre-pandemic levels).

So who’s lying?  Is the housing market hot due to surging prices or is it cooling off based on declining sales?

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Source: mortgagenewsdaily.comNew feed