2013 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 6/25/2013 9:00:00 AM For Apr, 2013
PriorConsensusConsensus RangeActual
20-city, SA - M/M1.1 %1.5 %0.6 % to 2.9 %1.7 %
20-city, NSA - M/M1.4 %1.1 %1.0 % to 2.0 %2.5 %
20-city, NSA - Yr/Yr10.9 %10.9 %10.4 % to 12.3 %12.1 %

Home prices, boosted by lack of supply and perhaps a sense of urgency if not panic among buyers, are shooting straight up. Case-Shiller's adjusted month-to-month gain for its 20-city index is up 1.7 percent in April alone and follows a 1.9 percent jump in March. The year-on-year rate is exceptionally strong, at plus 12.0 percent. Gains are sweeping across all cities without exception with strength centered out West where monthly gains are nearing 3 percent with year-on-year gains reaching 20 percent.

Unadjusted data, which are subject to strong monthly effects but are in any case closely followed in this report, show a 2.5 percent monthly gain for the 20-city index. The year-on-year unadjusted rate, which is much less subject to seasonal effects, shows a 12.1 percent gain, right in line with the adjusted rate.

Today's report came out at the same time that the FHFA price report was posted which also shows strength, though a bit less strength than this report which is certain to make splashy headlines in the popular business press. Next data on housing and home prices will be later this morning at 10:00 a.m. ET with the new home sales report.

Consensus Outlook
The S&P/Case-Shiller 20-city home price index (SA) showed a very strong 1.1 percent monthly adjusted increase in March home prices for a fourth straight gain over 1.0 percent which is the strongest run since the boom days of 2005. The year-on-year increase of 10.9 percent was the first double-digit gain since May 2006. Unadjusted data, which are subject to strong monthly seasonal effects, showed a 1.4 percent 20-city jump versus a March gain of 0.3 percent. The year-on-year unadjusted rate, which is much less subject to seasonal effects, shows the same 10.9 percent gain as the adjusted series.

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 nation. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home resales. Condominiums and co-ops are excluded as is new construction.  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

2013 Release Schedule
Released On: 1/292/263/264/305/286/257/308/279/2410/2911/26
Release For: NovDecJanFebMarAprMayJunJulAugSep

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