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Friday, March 29, 2024

US Home Price Acceleration Ends In May As Urban Exodus Strikes

Courtesy of ZeroHedge View original post here.

US home prices had accelerated for nine straight months ahead of today's Case-Shiller data, and was expected to accelerate further in May (the latest data available).

However, in a notable downside surprise for this slow-moving index, home price growth slowed from a revised lower 3.91% YoY in April to +3.69% YoY in May (well below the +4.00% expected)…

Source: Bloomberg

This was the biggest monthly growth disappointment in years.

Phoenix, Seattle, Tampa reported highest year-over-year gains among 19 cities surveyed (Detroit was excluded from the report due to virus-related reporting delays).

New York and San Francisco saw MoM declines in home prices.

Is the urban exodus accelerating?

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