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Case-Shiller/FHFA House Prices (Jul.)

The sixth consecutive rise in house prices in July showed that very tight supply is causing home prices to continue to rise despite sales volumes remaining weak, and suggests a second dip in house prices is highly unlikely. Indeed, despite existing home sales being a quarter below their pre-pandemic level, the seasonally adjusted Case-Shiller index recorded a 0.6% m/m increase in July. (See Chart 1.)

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