2014 Economic Calendar
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S&P 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 %

Highlights
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.

Market Consensus before announcement
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.

Definition
The S&P/Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. The composite indexes and the regional indexes are seen by the markets as measuring changes in existing home prices and are based on single-family home re-sales. The key composite series tracked are for the expanded 20-city composite indexes. 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 data are compiled for S&P by Fiserv, Inc. The S&P/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 2008 were for November 2007.  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
 

 

2014 Release Schedule
Released On: 1/282/253/254/295/276/247/298/269/3010/2811/2512/30
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