May 2026 Erdmann Housing Tracker Update
with notes on inflation
We continue to live in a noisy time for housing data with unsettled inflation data and population shifts due to various sources of Trump chaos. That shows up in Figure 1 in the bump up in non-core CPI inflation. Core inflation and shelter inflation have remained relatively flat.
If the conflict in Iran ends, I assume we will see some correction in the non-core price indexes.
The added noise makes it a bit tougher to have confidently benchmarked expectations.
More below the fold.
