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US DATA: FHFA and S&P CoreLogic House Prices Surprise Stronger

US DATA
USEM BulletGlobalEmerging Market NewsData BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America

Two main house price series were stronger than expected in August which helped see only moderate cooling in Y/Y inflation rates.   

  • The FHFA national series increased 0.3% M/M (sa, cons 0.1) after an upward revised 0.2% (initial 0.1).
  • The S&P CoreLogic 20-city series increased 0.35% M/M (sa, cons 0.20) after an almost unrevised 0.25% (initial 0.27).
  • Annual growth rates are still moderating, with the FHFA at 4.2% Y/Y and S&P CoreLogic at 5.2% Y/Y for lows since Jun 2023 and Oct 2023 respectively.
  • They remain relatively robust and don’t point to that much further cooling in CPI housing with OER inflation currently running at 5.2% Y/Y as of September, although the recent run rate for the FHFA is more of note at circa 2% annualized.
  • Private rent measures remain a little cooler, with Zwillow rents for example at 3.4% Y/Y vs CPI tenants rents inflation of 4.8% Y/Y. 
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Two main house price series were stronger than expected in August which helped see only moderate cooling in Y/Y inflation rates.   

  • The FHFA national series increased 0.3% M/M (sa, cons 0.1) after an upward revised 0.2% (initial 0.1).
  • The S&P CoreLogic 20-city series increased 0.35% M/M (sa, cons 0.20) after an almost unrevised 0.25% (initial 0.27).
  • Annual growth rates are still moderating, with the FHFA at 4.2% Y/Y and S&P CoreLogic at 5.2% Y/Y for lows since Jun 2023 and Oct 2023 respectively.
  • They remain relatively robust and don’t point to that much further cooling in CPI housing with OER inflation currently running at 5.2% Y/Y as of September, although the recent run rate for the FHFA is more of note at circa 2% annualized.
  • Private rent measures remain a little cooler, with Zwillow rents for example at 3.4% Y/Y vs CPI tenants rents inflation of 4.8% Y/Y.