February CaseShiller house price index data
- Prior was +3.08% y/y
- 20-city prices up 0.45% m/m vs +0.35% expected
- National index +4.16% y/y vs +4.10% expected
The US housing market was undoubtedly strong ahead of the virus. If COVID-19 hadn't happened, we would undoubtedly be talking about a big housing tailwind for the US consumer.
Interestingly, the DH Horton CEO is on the earnings conference call right now and he says "things are better" than he expected. He said Texas and Florida are holding up better than other markets. At the same time, he said the company has suspended land purchases so many what home builders are doing is more important than what they're saying.
I certainly wouldn't be buying real estate in Houston right now given the state of the oil market.
