Recent prints in housing market benchmarks have shown signs of slowdown.
The N.Z. housing prices index is particularly interesting, as the RBNZ was the first of the developed market central banks to hike interest rates. House prices jumped up to 32% back in May 2021, now stand at 2.4% Y/Y
Canada and U.K. home price benchmarks have slowed to 8.4% and 10.7% Y/Y, respectively, the former had seen prints of 12.2% Y/Y back in August
U.S. home prices data lags these benchmarks, the latest read stands for April. As a reminder, the Fed started tightening back in March, falling behind the BoC, BoE and RBNZ rate hikes
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