US: Focus on Case-Shiller home price index - Nomura

Analysts at Nomura point out that on a 12-month basis, US home price appreciation in the composite 20 Case-Shiller index continued to ease in July, declining 0.5pp to 5.9% y-o-y.

Key Quotes

“While still increasing at a pace above most measures of wage and income growth, home price growth may continue to slow over the months ahead as the housing market softens somewhat. Worsening home affordability may dampen home sale activity, putting downward pressure on prices.”