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Analysts at Nomura note that after rising firmly for almost two years, the Case-Shiller home price index for major cities (composite 20-city) of US cooled in recent months.

Key Quotes

“The slowdown coincided with easing of existing home sales over past several months. While the strong labor market likely remained supportive for demand, worsening home affordability, partly driven by higher mortgage rates and prices, are likely exerting some downward pressure. Overall, we expect steady increases in August Case-Shiller composite 20-city index.”