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Stronger Than Expected House Price Growth In July

US DATA
  • FHFA house prices were stronger than expected in July as they increased 0.84% M/M (cons 0.4) after an upward revised 0.45% (initial 0.35).
  • The S&P CoreLogic 20-city series meanwhile also came in stronger than expected at a seasonally adjusted 0.9% M/M (cons 0.7) or a non-seasonally adjusted 0.6% M/M.
  • It leaves the FHFA series 4% above its previous peak as of Jun 2022, whilst the S&P CoreLogic has almost fully reversed its prior decline and is now just -0.4% lower below its peak.
  • It comes as existing home supply relative to sales remains tight compared to pre-pandemic levels.

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