Home prices have lost some steam in April, according to the FHFA, coming in unchanged from March’s +0.7% gain (consensus +0.5). Five of the nine census regions showed price increases for April while the remaining four exhibited declining prices. The Case-Shiller also came in a bit sluggish and below expectations at +0.19% vs. +1.25% prior (consensus +0.8%). New home sales had a substantial bump in April posting +6.4% to a higher than expected 433K, and for May expectations are for the number to edge up +1.4% to 439K. The curve has bull flattened with 2s10s down 3 bps.
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