May-June 2013 Data Rodeo -- Price Explosion

http://piggington.com/mayjune_2013_data_rodeo_price_explosion

The condo series is a bit of a wild animal so I usually ignore it; the underlying trend it better expressed by the more staid detached home series (blue line).  But even that has been on fire: the detached home median price per square foot is up 23% from a year ago, and up 16% in the first six months of 2013 alone.

This price surge has been due, as I've written about incessantly, to ridiculously low inventory and even ridiculously lower mortgage rates.  One of those conditions persists; the other has changed somewhat drastically.  More on that below; first, here are the above two charts starting at the peak of the bubble, followed by the same thing but for the regular median price (vs. price per square foot):


Housing starts on Wednesday, the numbers connect and strap yourself in for all new highs in the Markets, either way keep the stop tight.