Case-Shiller House Prices (Jan.)

Case-Shiller reported that annual house price growth edged back to 6.2% in January, from 6.3% in December. That is the first time annual growth has fallen since June 2016, and supports our view that house price gains peaked at the end of last year. We expect growth will continue to ease gradually this year, although tight market conditions and rising household incomes argue against a sharp slowdown.