As it is based on asking prices, the recently launched Common Haus Price Index (CHPI) could lead other house price indices by 1-2 months, which would make it a useful tool for forecasting short-term changes in house prices. While its track record is far from perfect, and it exhibits significantly more volatility, the recent levelling off in CHPI annual growth supports our view that house price growth will top out in the coming months.
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