All right, Jay Powell, part of your plan seems to be working: Fewer people are buying homes. But that's not translating to lower prices — at least not yet.

Here's the deal: Once again, for the gazillionth month in a row, home prices in America hit an all-time high. The median price was $416,000 in June, up 13.4% the same month last year, my colleague Anna Bahney reports. That's ... bananas.

*

At the same time, sales fell for the fifth month in a row, down some 14% from a year ago.

*

Now, in simple economics (the only kind I know), when prices get too high, that should soften demand — which should in turn force prices down. But that takes time, especially when the market is as white-hot as it's been for the past two years.

Right now, it's an awkward moment when neither buyers nor sellers are all that happy.