Home prices unexpectedly increased in February thanks to falling rates, according to the latest Halifax house price index.
- M-O-M: Home prices increased 1.1% in February, up from the 0.2% increase in January and higher than economists’ predictions of a 0.3% drop.
- Y-O-Y: Home prices held at an annual rate of growth at 2.1% for the third straight month. The typical property now costs £285,476, down 2.9% (£8,500) from the August 2022 peak
EUROPE: The better-than-expected housing report has markets in London up 25 points, or 0.30%, halfway through the trading day. German and French markets were up 0.07% and 0.05%, respectively.
ASIA: China’s major indices were down with the Shanghai Composite index falling 1.11% and the Hang Seng Index down 0.33%. Japan’s Nikkei was actually positive with a 0.25% gain to end the day.