FHFA house price index up 0.7 per cent (weaker than expected), S&P/Case-Shiller up 1.72 per cent (stronger than forecast)

The US housing price index released by the Office of Federal Reserve Housing Enterprise Oversight rose by 0.7 per cent month-on-month in April, weaker than expectations of plus 1.2 per cent and the rise of 1.3 per cent in March.

But home prices in major US cities as measured by the S&P/Case-Shiller house price index rose 1.72 per cent month-on-month versus a 1.2 per cent increase expected. By comparison, prices rose 1.12 per cent in March. Year-on-year, prices rose by 12.1 per cent, compared to expectations of a 10.6 per cent rise and a previous reading of 10.9 per cent up.

Commenting on the S&P/Case-Schiller figures, the eponymous Robert Schiller is feeling optimistic about the housing market, saying it's a "safe bet" prices will go up again over the next 12 months.

Source: CNBC

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