2017 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

S&P Corelogic Case-Shiller HPI  
Released On 6/27/2017 9:00:00 AM For Apr, 2017
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.9 %0.5 %0.6 %0.3 % to 1.0 %0.3 %
20-city, NSA - M/M1.0 %0.9 %
20-city, NSA - Yr/Yr5.9 %5.9 %5.8 % to 6.1 %5.7 %

Highlights
Early Spring turned out a disappointment for the housing sector and is reflected in Case-Shiller's home price index which rose an undersized 0.3 percent in April. The year-on-year rate, having climbed toward the 6 percent line in February and March, slid back 2 tenths to 5.7 percent.

Weakness includes some top names like San Fransisco, down 0.6 percent in the month, but also Boston down 0.7 percent and Cleveland down 1.0 percent. Looking at year-on-year rates, Seattle leads at 12.9 percent with Cleveland in the rear at plus 3.4 percent.

Because of seasonal fluctuations in home prices, the unadjusted monthly rate is watched in this report and it slowed by 1 tenth to 0.9 percent. March and April are heavy months for housing and make for outsized gains in home prices, gains that are averaged out over the full year, that is brought back down, after seasonal adjustment.

Seasonal adjustments aside, this report is the first on prices to show weakness this year as FHFA has been very strong and as have price data in the new and existing home sales reports. But Case-Shiller is closely watched and today's report does include a big 4 tenths downward revision in the adjusted monthly rate for March to 0.5 percent. The housing sector just hasn't been able to hit on all cylinders this Spring with weakness in permits probably the greatest concern.

Recent History Of This Indicator
Prices have been perhaps the best news out a housing sector where sales and permits have been no better than mixed. Monthly gains for the Case-Shiller's 20-city index have been very strong this year including a 0.9 percent showing in the March report. Forecasters see the April index posting a 0.6 percent gain with the year-on-year rate unchanged at 5.9 percent.

Definition
The S&P Corelogic Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home re-sales. The expanded 20-city measure is the key series. 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 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 2016 are for November. Note that S&P, citing large seasonal swings in the housing sector and the risk of adjustment inaccuracies, urges readers to track unadjusted data in this report.  Why Investors Care
 
[Chart]
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
 
 

2017 Release Schedule
Released On: 1/312/283/284/255/306/277/258/299/2610/3111/2812/27
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


powered by  [Econoday]