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House Prices Surprised To The Upside Again In April

US DATA
  • Both FHFA and S&P CoreLogic seasonally adjusted house price measures were stronger than expected in April.
  • FHFA priced increased 0.7% M/M (cons 0.5) after a slightly downward revised 0.56% (initial 0.63) was more than offset by a prior upward revision. It was its fourth consecutive increase.
  • S&P CoreLogic 20-city prices increased 0.9% M/M (cons 0.35) after 0.42% (initial 0.45). It was its second consecutive increase.
  • City-based prices are still lagging on a relative levels basis, with the S&P CoreLogic measure still -3% below the mid-22 peak in contrast to FHFA prices now +1.6% above mid-22 levels and extending fresh record highs.

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