2012 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 3/27/2012 9:00:00 AM For Jan, 2012
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M-0.5 %-0.1 %-0.2 %-0.5 % to 0.3 %0.0 %
20-city, NSA - M/M-1.1 %-1.1 %-0.8 %
20-city, NSA - Yr/Yr-4.0 %-4.1 %-3.8 %-4.2 % to -3.4 %-3.8 %

Home prices improved during January based on Case-Shiller's unchanged reading for its adjusted composite index of 20 cities, a reading that ends a long run of monthly declines. Monthly readings in this report are three-month averages suggesting that January actually shows a sizable gain vs declines of 0.5 percent in December and big 0.7 percent declines in the three prior months. Improvement is seen in the year-on-year rate which at minus 3.8 percent is two tenths better than December and one tenth better than November. City by city readings are mixed with gains led by Phoenix for a third month in a row. Home prices in Atlanta extended a long run of significant deterioration.

Unadjusted data, which are closely watched in this report, are depressed compared to the adjusted data which give a boost to the Winter months when the housing market favors buyers. The unadjusted monthly decline of 0.8 percent is the best reading since September with the year-on-year rate, where adjustments play a much less significant role than on month-to-month rates, at minus 3.8 percent rate for the same rate as the unadjusted data.

Housing data have been up and down so far this year and this report is fortunately on the positive side. Next data out of the sector will be tomorrow morning with weekly mortgage application data, data that have been on the soft side in recent weeks.

Consensus Outlook
The S&P/Case-Shiller 20-city home price index (SA) for December fell 0.5 percent, following a 0.7 percent decrease the month before. The year-on-year rate ended 2012 with a minus 4.0 percent showing, two tenths steeper than the rate in November and the worst reading since, as the report stated, the housing crisis began in mid-2006. Unadjusted readings for the 20-city index, which are closely watched in this report, tell the same story with the year-on-year rate also down 4.0 percent. The bottom line is that while sales may be improving, prices are still under downward pressure. Foreclosures are adding to supply and price discounting is what is boosting sales.

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
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: 1/312/283/274/245/296/267/318/289/2510/3011/2712/26
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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