by Calculated Risk May 31, 2024 8:57 AM
Below are graphs of the year-over-year changes for dwellings from this morning’s CPI report and for housing from the PCE report, both through April 2024.
CPI shelter rose 5.5% year-over-year in April, down from 5.6% in March and also down from the March 2023 cycle peak of 8.2%.
Housing (PCE) rose 5.6% year-over-year in AprilThat’s down from 5.8% in March and also down from the April 2023 cycle peak of 8.3%.
With asking rents remaining roughly flat year-on-year, these measures will continue to slow over the coming year.
The second chart shows PCE prices, core PCE prices, and core home prices (annualized) over the past six months.
The key indicators are above the Fed’s targets on a six-month basis. Note: Seasonality distorting PCE appears to persist, especially in January.
