Home prices failed to improve in August, showing disappointing results
in last week's FHFA data and likewise in today's Case-Shiller report for
August. The adjusted 20-city index fell 0.2 percent while year-on-year
growth was unchanged, at a seven-year low of 2.0 percent and well under
Econoday's consensus for 2.5 percent.
These two reports offer
definitive data but they do lag, and other indications on home prices
have recently been picking up. Nevertheless, August's Case-Shiller and
FHFA results are a reminder that sales of existing homes, though
improving from last year, have been struggling to move higher,
improvement of course that should be getting a boost from the subdued
rate of price growth not to mention favorable mortgage rates.
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