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Key Points:
Home prices measured by the FHFA’s quarterly purchase-only index fell for the first time since Q3 2022.
- Price declines were generally larger across western and southern states.
Quarterly FHFA Purchase-Only Index, Seasonally Adjusted
Real GDP growth for the 2nd quarter of the year was revised upward; higher estimated personal consumption and private fixed investment contributed to the revision.
- Together, these two components form an inertial measure of growth called final sales to private domestic purchasers (FSPDP) that is closely watched by monetary policymakers.
- While these revisions notably increased FSPDP growth for Q2, FSPDP still grew at its slowest pace since Q4 2022.
Real Growth Trends, Seasonally Adjusted Annual Rate (SAAR)
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