2013 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 11/26/2013 9:00:00 AM For Sep, 2013
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.9 %0.9 %0.9 %0.5 % to 1.1 %1.0 %
20-city, NSA - M/M1.3 %1.3 %0.7 %0.4 % to 0.7 %0.7 %
20-city, NSA - Yr/Yr12.8 %12.8 %13.1 %11.2 % to 13.5 %13.3 %

Home prices were building steam through September based on S&P Case Shiller whose 20-city index rose an adjusted 1.0 percent in September vs monthly gains of 0.9 percent and 0.6 percent in the prior two months. Very respectable gains swept all 20 cities for the second month in a row, led this time by Atlanta at plus 1.9 percent followed by a string of cities out West where S&P says there's talk now of a housing bubble. The depth of the gains nationally is impressive with the smallest monthly gain posted by Charlotte at a very respectable 0.4 percent.

The year-on-year rate tells the same story -- accelerating appreciation. The year-on-year rate for the 20-city index is at a recovery best of plus 13.3 percent, up 5 tenths from August for the third straight improvement.

Unadjusted data are followed closely in this report with the unadjusted monthly rate at plus 0.7 percent vs plus 1.3 percent in August which is a seasonally stronger month for housing than September. But the year-on-year unadjusted rate does tell the same story as the adjusted rate, in fact the exact same story at plus 13.3 percent for a 5 tenths gain from August.

Also showing gains this morning, though less strong gains than this report, is the FHFA house price report also released at 9:00 a.m. ET. Home-price appreciation is a plus of course for homeowner wealth but higher prices are a negative for home sales, apparent in a run of sales data including yesterday's decline in pending home sales.

Consensus Outlook
The S&P/Case-Shiller 20-city home price index (SA) picked up new steam in August, at an adjusted 0.9 percent versus 0.6 percent in July for the 20-city index. This was the first monthly acceleration since April when prices jumped 1.7 percent. The year-on-year rate showed special strength, at plus 12.8 percent for a 5 tenth gain from July and the best rate of the recovery.

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

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

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