2017 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 1/31/2017 9:00:00 AM For Nov, 2016
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.6 %0.7 %0.7 %0.4 % to 0.8 %0.9 %
20-city, NSA - M/M0.1 %5.0 %5.0 % to 5.4 %0.2 %
20-city, NSA - Yr/Yr5.1 %5.3 %

Highlights
Case-Shiller's home price index, which had been lifeless, rose sharply in November, up 0.9 percent for the best monthly gain since March 2015. The year-on-year rate rose 2 tenths to 5.3 percent, an improvement but still down from the 5.5 percent area of early last year.

Improvement for the East is November's special strength. Prices in New York jumped 1.2 percent in the month following a solid 0.5 percent gain in October. Yet year-on-year, New York is still the weakest of the 20 cities in the index, up only 2.4 percent. Boston is also having a strong run, up 1.2 and 1.0 percent in the last two reports with its year-on-year rate, which had been lagging, now at 5.5 percent. The West is the strongest with Seattle, at 10.4 percent, and Portland, at 10.1 percent, out in front.

There is traction though this report continues to show less strength than the FHFA house price index which has been running at the 6 percent rate. But it's the direction that counts most, and today's news is good.

Consensus Outlook
Annual growth in the Case-Shiller 20-city index has been flat at just above 5 percent, about 1 percentage point below the FHFA house price index. But Case-Shiller's monthly index did show acceleration in the prior two reports and the Econoday consensus is calling for a bit more strength in November, at a consensus gain of 0.7 percent. But in an offset, the year-on-year rate is expected to ease 1 tenth to 5.0 percent.

Definition
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
 
[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
 
 

2017 Release Schedule
Released On: 1/312/283/284/255/306/277/258/299/2610/3111/2812/26
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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