Home price data from S&P CoreLogic Case-Shiller:
- Prior was +2.54% y/y
- 20-city m/m reading +0.14% vs +0.2% expected
- Prior m/m reading was 0.0%
- National y/y index +3.43% vs +3.54% prior
US housing has been a surprise dud and continues to struggle even with rates lower. However there might be some good signs in corporate data. Home builder D.R. Horton reported just before these numbers were released and beat estimates while saying it was reducing incentives (a sign of good demand). They also said the percentage of first-time home buyers was rising.
