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Miss For FHFA House Prices But Still Resilient

  • FHFA house prices increased 0.35% M/M (cons 0.6) in June for its softest increase since January. It follows some mixed revisions albeit with upward revisions in the prior two months for 0.75% (initial 0.72) in May and 0.80% (initial 0.73) in April.
  • S&P CoreLogic house prices didn’t show the same moderation though, rising 0.92% M/M (cons 0.80) in June after an upward revised 1.04% (initial 0.99).
  • The two follow previously released price data from Freddie Mac with a 1.2% M/M increase in June after 1.4% in May.
  • FHFA prices are now 3% higher than their previous peak in Jun’22 and S&P CoreLogic 20-city prices have closed the gap to their prior peak to just -1% as cities saw a slightly larger correction.
  • As seen in existing home sale data, continued relatively tight supply amongst an unwillingness to break attractive 30Y mortgage rates has supported prices considerably.

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