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U.S. home price index slows to 18.6% y-o-y

The S&P CoreLogic/Case-Shiller 20-city home price index slowed to 18.6% year-on-year in June, hitting a near six-month low. The market had expected an increase of 19.5%. Among them, cities such as Tampa, Miami, and Dallas recorded year-on-year growth rates of 35%, 33%, and 28.2% respectively. As for the U.S. National Digital Price Index, the year-on-year increase was 18%, a slowdown from the 19.9% increase in the previous month. The data shows that the local housing market is still hot, seemingly unaffected by the record high mortgage rates and property prices. However, as the affordability of home buyers gradually declines, the market estimates that the future property price increase may gradually converge.
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