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Second 2% Increase In House Prices On Unusual Tightening In Market

CANADA DATA
  • As with housing starts released earlier, existing home sales also disappointed in May although they still registered a 5.1% increase (cons +12%) after a very strong +11.3% in April.
  • It marks the fourth consecutive increase for a 22% bounce off January’s low.
  • Of more note within the report was a second month of 2% M/M seasonally adjusted gains for the benchmark index after thirteen consecutive monthly declines for a cumulative 15% drop from the Feb’22 peak.
  • The latest increases have been supported by an unusual tightening in the months of inventory compared to a more typical lift with the spring market.

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