Don't forget grocery prices rose 9% over the year from May 2022 (yoy), nearly unchanged from April’s reading of 9.1%. Restaurant food prices jumped 6.8 % in May from 6.4 % in April 2023 (mom).
The mortgage interest cost index, a measure that reflects price growth in housing, increased to 29.9%, in the third consecutive month rising to a new record high. Think about the interest rate cut when Trump threatened to fire Jay Powell and remarks of Tiff Macklem's " interest rate will stay low for a long time." Both resulted in the wave of rushing into the RE market in 2019 and 2020-2021, The peak of renewal of 5 years mortgage, which is at a lower rate at the moment, will begin in 2024/2025. Homeowners and RE investors cross their figures for a lower rate in that time.