Global Macro Service > Data Insights > United States

Lack of homes for sale continues to drive home prices higher

Depleted inventories continued to push annual home price growth higher in February despite a softening pace of existing home sales. The FHFA HPI rose 12.2% y/y, while the S&P Case-Shiller national HPI increased 12.0% y/y, a 15-year high. The surge in home prices is pricing some buyers out of the market but we expect a gradual easing in home price inflation in the second half of 2021 as the pace of sales continues to ease.

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