It’s definitely annualized. That makes the most sense. And when you look at the case shiller index directly it bears that out. Also interesting is Feb to Feb was only 12% annual increase. But may to may was 17% increase so there was definitely an acceleration there. Some markets are insanely hot. We saw homes going for 30-40% more than the previous year in our neighborhood. A house almost exactly the same as ours sold this year in June for almost double what we paid for ours a few years back. Some real estate markets are more than just hot.

e: its rolling 12, which is what I meant, but yeah.. words matter :)