Case-Shiller/FHFA & New Home Sales (Feb./Mar.)

New home sales jumped in March and house prices increased 0.2% m/m in February. The continued resilience of the housing market means the risk to our forecast of an 8% drop in house prices are now to the upside. But affordability still looks stretched, the economic outlook is weak and credit conditions will tighten. It’s therefore too soon to say that the housing market has turned a corner.

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