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Home Prices Show Resilience To Uptick In Relative Supply

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  • FHFA home prices disappointed in March, rising just 0.09% M/M (cons 0.5) in a sharper moderation than expected from the particularly strong 1.24% jump in Feb.
  • Separately, the S&P CoreLogic 20-city index was in line, rising 0.33% M/M (cons 0.30) in March after a slightly downward revised 0.55% M/M (initial 0.61).
  • Prices are still up a strong 6.7% Y/Y and 7.4% Y/Y respectively though, supporting the recent strength in median prices from existing (5.7% Y/Y) and new (3.9% Y/Y) home sales data.
  • They for now remain robust to the steady normalization in relative supply of existing home sales and the already sizeable increase in relative supply of new homes.

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  • FHFA home prices disappointed in March, rising just 0.09% M/M (cons 0.5) in a sharper moderation than expected from the particularly strong 1.24% jump in Feb.
  • Separately, the S&P CoreLogic 20-city index was in line, rising 0.33% M/M (cons 0.30) in March after a slightly downward revised 0.55% M/M (initial 0.61).
  • Prices are still up a strong 6.7% Y/Y and 7.4% Y/Y respectively though, supporting the recent strength in median prices from existing (5.7% Y/Y) and new (3.9% Y/Y) home sales data.
  • They for now remain robust to the steady normalization in relative supply of existing home sales and the already sizeable increase in relative supply of new homes.