Flattened out at modest levels of growth with no sign that the tax cuts have led to an acceleration:

Pending home sales fall for seventh straight month in July

Signed contracts to buy existing homes fell 0.7 percent in July compared with June, according to the National Association of Realtors’ pending home sales index.

The gauge was down 2.3 percent compared with July 2017. That is the seventh straight month of annual declines.

Pending home sales are an indicator of future closed sales.

Adjusted for inflation, house prices don’t look so high: