Econoday Economic Report: S&P Case-Shiller HPI October 30, 2012

2012 Economic Calendar

Resource Center » U.S. & Intl Recaps | Event Release Dates | Event Definitions | Today's Calendar

S&P Case-Shiller HPI

Released On 10/30/2012 9:00:00 AM For Aug, 2012

	Prior	Prior Revised	Consensus	Consensus Range	Actual
20-city, SA - M/M	0.4 %	0.3 %	0.7 %	0.4 % to 1.0 %	0.5 %
20-city, NSA - M/M	1.6 %	1.6 %	0.7 %	0.4 % to 1.4 %	0.9 %
20-city, NSA - Yr/Yr	1.2 %	1.2 %	1.9 %	1.7 % to 2.1 %	2.0 %

Highlights
Home prices continue to improve. The Case-Shiller seasonally adjusted home price index for the 20-city composite advanced 0.5 percent in August, following a 0.3 percent gain the prior month.

On an unadjusted basis, the 20-city composite increased a monthly 0.9 percent, following a 1.6 percent boost in July.

On a year-ago basis, the 20-city index is up 2.0 percent, following 1.2 percent in August, NSA.

By city, the strongest monthly gain was seen in Detroit with a 2.3 percent boost. Seattle saw a 0.1 percent dip. On a year-ago basis, Phoenix is up 18.8 percent while Atlanta is down 6.1 percent.

But overall, housing is continuing to heal, albeit gradually. Continued gains in home prices may be considered by some vindication of Fed policy.

Market Consensus before announcement
The S&P/Case-Shiller 20-city home price index (SA) in July showed a 0.4 percent monthly gain for the 20 city index. This was the sixth straight monthly increase for the adjusted index though it was the slowest gain since February. Note that the index is a three-month average which points actually to very little change for July. The year-on-year rate for the 20 city index was up a solid five tenths to plus 1.1 percent which is the second straight positive reading and the sharpest gain in nearly two years. Unadjusted data, which are tracked closely in this report, showed a solid 1.6 percent monthly rise that, however, was down from gains of 2.3 percent and 2.4 percent in the two prior months.

Definition
The S&P/Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. The composite indexes and the regional indexes are seen by the markets as measuring changes in existing home prices and are based on single-family home re-sales. The key composite series tracked are for the expanded 20-city composite indexes. The original series (still available) covered 10 cities. A national index is published quarterly. The indexes are based on single-family dwellings with two or more sales transactions. Condominiums and co-ops are excluded as is new construction. The data are compiled for S&P by Fiserv, Inc. The S&P/Case-Shiller Home Price Indices are published monthly on the last Tuesday of each month at 9:00 AM ET. The latest data are reported with a two-month lag. For example data released in January 2008 were for November 2007. Why Investors Care

The Case-Shiller Home Price Index is based on repeat transactions. That is, appreciation or depreciation is for same houses resold. This index is probably the best measure of changes in home prices. While it covers the gamut of types of houses sold, it is limited to metropolitan areas.
Data Source: Haver Analytics

2012 Release Schedule

Released On: 1/31 2/28 3/27 4/24 5/29 6/26 7/31 8/28 9/25 10/30 11/27 12/26

Release For: Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Important Legal Notice: Econoday has attempted to verify the information contained in this calendar. However, any aspect of such info may change without notice. Econoday does not provide investment advice, and does not represent that any of the information or related analysis is accurate or complete at any time. Legal Notices © 1998-2012 Econoday, Inc. All Rights Reserved.

Actual Data Source: Haver Analytics