Over at Calculated Risk, there is a detailed examination of housing showing that as US home prices have risen 20% year over year in the latest Cast-Shiller National home price index report, rapidly rising mortgage rates have drive closings down 9.5% year over year.
There is an excellent examination of the closed sales and the change year over year:
Continuing to elevate prices are the fact that new listings are down on average 5% Year over year:
