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House Price Measures Mixed In January

  • The FHFA house price index surprisingly increased 0.2% M/M (cons -0.3%) in January, after two months of -0.1% M/M. It continues a run of very limited house price declines, down just 0.6% from its June peak having surged 40% since the start of the pandemic.
  • The S&P CoreLogic 20-city measure meanwhile continued a run of larger declines, down -0.4% M/M (cons -0.5) after -0.5%. These city-based prices are down nearly 5% since the June peak after increasing 42%.
  • These flat/steady declines for January came before a broad swathe of sales and starts data bounced in February, although with the caveat that all these developments came before likely credit tightening as a result of regional banking woes.

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