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FHFA House Prices / New Home Sales (Oct/Nov.)

New home sales fell 11.0% m/m in November, driven by a lack of inventory and pent-up demand from earlier in the year coming to an end. But easing demand is yet to feed through to house price growth, which surged to a 15-year high of 10.2% y/y in October. We think that demand will continue to fall back next year, leaving house price growth at 3.0% y/y and new home sales at 830,000 annualised by the end of 2021

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