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US Home Prices See ‘Broad-Based’ Rebound In Potential Problem For Fed
US home prices rose more than expected on a monthly basis at the beginning of the spring buying season, data released on Tuesday showed.
Both the S&P CoreLogic Case-Shiller indexes and the FHFA gauge posted solid MoM increases in April from March. For the second consecutive month, all 20 major cities notched gains, according to Case-Shiller's figures.
The 0.7% MoM gain for FHFA prices was the fourth consecutive and easily beat estimates. No economist forecast a gain larger than 0.5%.
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Pce inflation is the big number this week on Friday. Not to dismiss housing, but its volume as well as prices for economic impact. There is an inventory problem in existing homes available for sale. This will keep prices from dropping, and can give you some pricey months like April. With affordability challenged it is hard to imagine price moves as we had during the pandemic years.