Case-Shiller House Prices (Apr.)

The 0.2% m/m gain in house prices was the smallest gain on the Case-Shiller measure since May 2014, and appears to confirm that price pressures have been easing since February. However, an easing in house price pressures is hard to square with very tight market conditions. We suspect residual seasonality is the prime cause of the apparent easing in momentum, and price growth is therefore likely to pick-up soon.