House prices showed no signs of slowing in May, with annual growth setting new records on both the Case-Shiller and FHFA measures. But with housing demand falling back since the start of the year, and lenders not set to ease credit conditions, we expect annual growth will soon peak. From 16.6% y/y in May, we expect it to slow to 10% y/y by end-2021, and 3% y/y by end-2022.
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