The latest readings from the CoreLogic and Case-Shiller house price indices show that prices have posted double-digit gains over the past year. But not all the past month’s housing news was so buoyant. Sales of both new and existing homes rose but the rate of increase seems to be easing. Starts also suffered a large drop. None of that alters our view that the housing recovery has further to run. But with signs that inventory levels may be beginning to normalise, as sellers return to the market in greater numbers, it would be no surprise if the recovery lost a little momentum later this year.
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