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Sizeable Beats For House Prices In May

US DATA
  • FHFA house prices increased 0.72% M/M (cons 0.6%) after an unrevised 0.73% M/M.
  • S&P CoreLogic house prices increased 0.99% M/M (cons 0.7) after an only marginally downward revised 0.85% (initially 0.91%).
  • It marks the fifth consecutive increase for FHFA and fourth for S&P, with FHFA now 2.4% higher than its Jun’22 peak and S&P quickly closing the relatively mild decline for now -2.3% lower than its Jun’22 peak.
  • If these increases continue they could limit the extent that owner equivalent rent in the CPI basket slows as softer new rent leases enter BLS calculations.

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