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Case-Shiller/FHFA House Prices (Aug. 2023)

Another large gain in house prices in August suggests that the extremely limited supply of existing homes for sale continued to outweigh high mortgage rates. We think monthly gains in house prices will soften over the remainder of the year in response to the rise in mortgage rates to just under 8.0%. But an extreme lack of inventory in the existing homes market means we don’t anticipate any further house price falls.

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