2014 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 3/25/2014 9:00:00 AM For Jan, 2014
PriorConsensusConsensus RangeActual
20-city, SA - M/M0.8 %0.7 %0.4 % to 1.1 %0.8 %
20-city, NSA - M/M-0.1 %-0.1 %-0.3 % to 0.0 %-0.1 %
20-city, NSA - Yr/Yr13.4 %13.3 %11.2 % to 13.8 %13.2 %

Home prices were still going up at the beginning of the year but not quite as much as earlier. Case-Shiller's adjusted monthly price gain for January is quite strong, at plus 0.8 percent, but the year-on-year rate, at plus 13.3 percent, is down 1 tenth from December. But gains are nevertheless convincing with all 20 cities in the plus column led by the West coast and including big gains in Florida and several Midwest and Northeast cities including Minneapolis, Washington DC and New York city.

Unadjusted rates, which are closely tracked in this report, tell the same story with the year-on-year rate down 2 tenths to plus 13.2 percent. The unadjusted month-to-month reading is down 1 tenth.

Home price appreciation, based on this report at least, is strong but slowing which is actually a plus as rates of gains for home prices have been exceeding gains in underlying sales. Watch for new home sales later this morning on the Econoday calendar at 10:00 a.m. ET.

Consensus Outlook
The S&P/Case-Shiller 20-city home price index (SA) was solid in December but a bit slower than prior months. Case-Shiller's 20-city index for the month rose an adjusted 0.8 percent, down from gains of 0.9 percent and 1.1 percent in the prior two months for the slowest rate of increase since July. The year-on-year rate was very strong but is also slowing, at plus 13.5 percent vs 13.8 and 13.6 percent in November and October.

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

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