Home prices increased for the 10th month in a row, but growth slowed slightly in May, according to the Nationwide House Price Index…(NHPI)
- Y-O-Y: Home price growth slowed modestly in May to 11.2%, from 12.1% in April.
- M-O-M: Prices up 0.9% month-on-month after taking account of seasonal effects
Robert Gardner, Nationwide’s Chief Economist, said the housing market remains surprisingly strong…
- “Despite growing headwinds from the squeeze on household budgets due to high inflation and a steady increase in borrowing costs, the housing market has retained a surprising amount of momentum. Demand is being supported by strong labour market conditions, where the unemployment rate has fallen towards 50-year lows, and with the number of job vacancies at a record high. At the same time, the stock of homes on the market has remained low, keeping upward pressure on house prices.”
