All eyes will be looking at Tuesday’s release of the Office of Housing Enterprise Oversight home price index, which will cover April-June. Home price data takes center stage this week,
Home values are critical to the economic outlook. Economists disagree about how the housing slowdown will impact consumer spending.
The rise in home prices has been an important driver of consumer spending. Many consumers have been refinancing their mortgages based on the higher home values and using the cash to finance purchases.
… On a national average basis, home sales have not fallen in any year since the late 1940s, said Berson. There have been some quarterly declines, and prices have been down annually in some regions.
Estimates are that it will show a slowing in the rise of prices.