US: Housing Price Index at -0.7% in August vs. -0.3% expected

House prices in the US continued to decline in August.
US Dollar Index trades in negative territory below 112.00.

Eren Sengezer FXStreet

The monthly data published by the US Federal Housing Finance Agency showed on Tuesday that the Housing Price Index fell by 0.7% on a monthly basis in August. This print followed July's decrease of 0.6% and came in lower than the market expectation of -0.3%.

Meanwhile, the S&P/Case-Shiller Home Price Index arrived at 13.1% on a yearly basis in August, compared to analysts' estimate of 14.4%.

Market reaction

With the initial market reaction, the greenback weakened against its rivals with the US Dollar Index losing 0.17% on the day at 111.80.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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