The FHFA’s purchase-only home price index is out for July. It shows that home prices grew at a 6.3% YoY rate, but only 0.2% MoM. The largest home price increases were in Pacific and Mountain states.
This means that housing, often the largest ticket item for American households, grew at 4.5 times the Fed’s inflation rate (core PCE price growth YoY). And 2.73x hourly wage growth.
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