US January CaseShiller 20-city house price index 4.7% vs +4.8% y/y expected

• Prices +0.5% m/m vs -0.1% prior
• Prior was +0.5% m/m
• Non-seasonally adjusted -0.1% vs -0.1% prior
• Prices y/y +4.7% vs +4.8% expected
• Prior y/y +4.5%

Separate data on house prices from the FHFA:

• Prices m/m +0.2% vs +0.4% prior
• Prices y/y +4.8% vs +4.7% prior3

“Home price growth continued to moderate in January, reflecting a clear two-part story across the past
year,” says Nicholas Godec at
S&P Dow Jones Indices. “The National Composite Index posted a 4.1% annual gain, with the bulk of
appreciation—4.8%—occurring in the first half of the year. Prices declined 0.7% in the second half, as
high mortgage rates and affordability constraints weighed on buyer demand and market activity.

“Among the 20 metro areas tracked by the Composite 20, New York City led annual gains with a 7.7%
rise, followed closely by Chicago (7.5%) and Boston (6.5%). Tampa was the only market to post a year-
over-year decline, falling 1.5%. However, the second half of the year told a different story: San
Francisco posted the largest six-month decline at 3.4%, followed by Tampa at 3.2%. Only four of the 20
cities managed to eke out price increases during this period—New York, Chicago, Phoenix, and
Boston—highlighting broad-based cooling.”

This article was written by Adam Button at www.forexlive.com.