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US DATA: Further Resilience For House Prices

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • FHFA house prices increased 0.68% M/M (cons 0.3) in September after an upward revised 0.38 (initial 0.28) for its strongest monthly increase since February.
  • The S&P CoreLogic 20-city index meanwhile disappointed modestly, rising 0.18% M/M (cons 0.3) after 0.33% M/M for its softest since January.
  • The FHFA series continues to run a little softer in Y/Y terms although the gap has narrowed, at 4.4% vs 4.6% Y/Y.
  • Latest 3M/3M trend rates have seen more pronounced differences recently, with the FHFA accelerating to 3.3% annualized as of Sept vs 1.7% in July in contrast to the CoreLogic series gradually moderating to 4.0%.
  • All up, they continue to point to only a slow moderation in CPI OER and tenants rents inflation, which stood at 5.2% and 4.6% Y/Y as of October. That’s compared to 2019 averages of 3.3% and 3.7%, with further moderation needed towards those pre-pandemic averages to help inflation fully return to the 2% target. 
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  • FHFA house prices increased 0.68% M/M (cons 0.3) in September after an upward revised 0.38 (initial 0.28) for its strongest monthly increase since February.
  • The S&P CoreLogic 20-city index meanwhile disappointed modestly, rising 0.18% M/M (cons 0.3) after 0.33% M/M for its softest since January.
  • The FHFA series continues to run a little softer in Y/Y terms although the gap has narrowed, at 4.4% vs 4.6% Y/Y.
  • Latest 3M/3M trend rates have seen more pronounced differences recently, with the FHFA accelerating to 3.3% annualized as of Sept vs 1.7% in July in contrast to the CoreLogic series gradually moderating to 4.0%.
  • All up, they continue to point to only a slow moderation in CPI OER and tenants rents inflation, which stood at 5.2% and 4.6% Y/Y as of October. That’s compared to 2019 averages of 3.3% and 3.7%, with further moderation needed towards those pre-pandemic averages to help inflation fully return to the 2% target.