The U.S. economy has been resilient despite both the pace and level of monetary tightening. A notable pocket of this resiliency has been housing market activity.
The Zillow Home Value Index (ZVHI), the S&P/Case-Shiller US National Home Price index, and the All-Transactions House Price Index for the United States all show a decline in the growth of home prices. The ZVHI and Case-Shiller indices show home prices today are relatively flat from a year ago, which indicates on an absolute basis prices haven’t budged from last years’ elevated levels.
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