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Mixed House Price Data Vs Strong Expectations

US DATA
  • FHFA house prices were stronger than expected in September, rising 0.6% M/M (cons 0.5) after an upward revised 0.7% (initial 0.6%).
  • The S&P CoreLogic 20-city measure meanwhile was softer than expected, especially with revisions, rising a seasonally adjusted 0.67% M/M (cons 0.8) in Sept after a downward revised 0.82% M/M (initial 1.01%).
  • The August downward revision for S&P CoreLogic (0.9% from initial 0.78%) partly offset some of this but there still appears a disconnect with the consensus for the Y/Y figure, which was inline at 3.92% Y/Y (cons 3.9%).
  • It’s worth watching prices over the next couple of months with relative supply starting to lift back closer to pre-pandemic levels.

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