Details of the June S&P/Case-Shiller house price index:
- Prior 20-city y/y reading was +4.94% (revised to +4.99%)
- 20-city m/m -0.12% vs +0.13% exp
- Prior 20-city m/m reading was -0.18% (revised to -0.10%)
- 20-city index at 180.88 vs 181.28 exp
- Overall HPI +4.49% vs +4.43% prior
The numbers are a touch softer than expected. That's probably the sweet spot for the Fed doves. Numbers that aren't strong to hike but not weak enough to lead anyone to believe that the economy is slumping.
Housing has made a nice charge back from the lows.
