Housing data

  • Prices up 6.51% y/y vs 6.4% expected

  • Prior +6.56% (revised to +6.69%)

  • National prices 6.38% vs +6.39% prior

The year-over-year numbers are much better than the pending home sales yesterday but if you look closely you can start to see them turning lower in the past couple months. That will be an important trend to watch.