US house price data from the FHFA:

  • Prior +0.5%
  • Prices up 5.7% y/y vs 5.9% prior
  • Quarterly house price purchase index 1.4%
  • Prior quarterly house price purchase index +1.3%

Nothing surprising or notable in this data. House prices up 5.7% y/y and rents up even more are virtually the only source of consistent inflation in the United States.