LPL Financial
- A steady decline in home inventory since 2006 is helping push home prices consistently higher.
- The sharp rise in mortgage rates over the past year has been unable to knock down home prices.
- "Perhaps the housing market is not as interest rate-sensitive now as it historically has been," LPL Financial said.
Our Chart of the Day is from LPL Financial, which highlights the ongoing relationship between home prices and existing home inventory.
The chart shows that the resilient climb in home prices comes as existing home inventory has been steadily falling. That's despite the fact that the average 30-year fixed mortgage rate has surged to nearly 8%.