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Case-Shiller/FHFA & New Home Sales (May/Jun.)

Case-Shiller reported a slowdown in month-on-month house price growth in May, adding to the signs that the housing market is cooling rapidly. The annual growth rate dropped below 20% and the sharp drop in housing market activity means we think it will reach minus 5% y/y by mid-2023. Meanwhile, after a surprise jump in May, new home sales resumed their downward trend in June.

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