As a counterpoint, http://bonddad.blogspot.com/2022/06/a-comment-on-housing-inflation-and-fed.html
"...1/3rd of the entire CPI reading is housing, and housing prices have been on a tear. That gets reflected, with a 12 to 18 month lag, in “owner’s equivalent rent” (OER), which is currently at a 30 year high...Well, house prices are still up (awaiting tomorrow’s updates) about 16% YoY. That is going to continue to feed into OER for the next 12 months at least.
In other words, the only reason inflation declines in the next 12 months is if the non-housing 2/3’s of the number slows down drastically."