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House Prices Continue Robust Run

US DATA
  • FHFA and S&P CoreLogic house prices again came in stronger than expected, this time for August.
  • FHFA prices increased 0.6% M/M (cons 0.5) after 0.8%, and having now increased every month since Aug’22 are up 5.6% Y/Y.
  • S&P CoreLogic 20-city prices meanwhile increased a seasonally adjusted 1.01% M/M (cons 0.8) albeit after a downward revised 0.78% M/M (initial 0.87). This series has seen six months of increases now to leave prices up 2.2% Y/Y.
  • The latest moves mean FHFA prices are 5% above the previous peak seen in Jun’22 whilst S&P Core Logic 20-city prices have just surpassed their prior peak. They stand 46% and 42% higher than Feb’20 pre-pandemic levels respectively.
  • Supply of existing homes on the market is slowly increasing but the market remains far tighter compared to more ‘normal’ pre-pandemic years, helping keep upward pressure on prices.

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