The S&P/Case-Shiller Home Price Indices posted solid gains in January. The slide in year-over-year home price appreciation appears to have halted. Gains have been strongest in markets with large tech sectors.
More Moderation Expected
- The 20-city and 10-city composite indices both increased 0.9 percent in January and are up roughly 4.5 percent year over year. The national index posted a 0.6 percent rise on the month, but also increased 4.5 percent year over year.
- Most measures of home prices are stabilizing around 5 percent year-over-year growth after decelerating for some time. Tight inventories and rising development costs will support prices
Technology Markets Approaching All-Time Highs
- Year-over-year gains have been broad based. Weakness has been mostly isolated to the Northeast and Midwest. Cleveland and Washington, D.C. both posted sub-two percent growth.
- Only two of the twenty housing markets in the report have surpassed their prerecession peak. Many of the markets with large technology sectors, however, are rapidly approaching prerecession levels.
Recommended Content
Editors’ Picks
AUD/USD extends gains due to improved risk appetite
The Australian Dollar maintained its winning streak for the fourth consecutive session on Monday, buoyed by a hawkish sentiment surrounding the Reserve Bank of Australia. This optimism bolsters the strength of the Aussie Dollar, providing support to the AUD/USD pair.
USD/JPY snaps three-day losing streak above 153.50, Yellen counsels caution on currency intervention
The USD/JPY pair snap a three-day losing streak during the Asian trading hours on Monday. The uptick of the pair is bolstered by the modest rebound of the US Dollar and US Treasury Secretary Janet Yellen’s comments on potential Japanese interventions last week.
Gold holds below $2,300, Fedspeak eyed
Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.