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Surprise Strength In February House Prices

US DATA
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  • Straight after stronger than expected employment costs in Q1, February house price measures also came in stronger than expected.
  • The FHFA index increased a seasonally adjusted 1.24% M/M (cons 0.2) after -0.1% M/M in Jan for its strongest monthly gain since Feb’22.
  • The press release notes broad-based strength in Y/Y terms: “All nine census divisions experienced price appreciation over the last 12 months, with New England and Middle Atlantic divisions posting double digit growth.”
  • The S&P CoreLogic 20-city index meanwhile increased a seasonally adjusted 0.61% M/M (cons 0.1) after 0.17% M/M in Jan for its strongest since October.
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  • Straight after stronger than expected employment costs in Q1, February house price measures also came in stronger than expected.
  • The FHFA index increased a seasonally adjusted 1.24% M/M (cons 0.2) after -0.1% M/M in Jan for its strongest monthly gain since Feb’22.
  • The press release notes broad-based strength in Y/Y terms: “All nine census divisions experienced price appreciation over the last 12 months, with New England and Middle Atlantic divisions posting double digit growth.”
  • The S&P CoreLogic 20-city index meanwhile increased a seasonally adjusted 0.61% M/M (cons 0.1) after 0.17% M/M in Jan for its strongest since October.