2017 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 4/25/2017 9:00:00 AM For Feb, 2017
PriorConsensusConsensus RangeActual
20-city, SA - M/M0.9 %0.8 %0.4 % to 0.9 %0.7 %
20-city, NSA - M/M0.2 %0.4 %
20-city, NSA - Yr/Yr5.7 %5.8 %5.7 % to 5.9 %5.9 %

Highlights
Housing data are showing increasing strength including prices. Case-Shiller's 20-city adjusted index rose a very strong 0.7 percent for the best year-on-year rate, at 5.9 percent unadjusted, in 2-1/2 years.

The depth of strength is striking with lagging cities now reporting stronger price growth. Washington DC posted a 0.5 percent gain in February following 4 months at even stronger rates. February prices in Cleveland rose 0.9 percent while prices in Detroit rose 0.8 percent following two 0.7 percent gains and a 1.0 percent rise. Western names continue to lead the year-on-year rates with Seattle on top at 12.1 percent followed by Portland at 9.6 percent.

Nearly 6 percent appreciation doesn't sound extravagant but it is very respectable in a low interest rate, low inflation economy. The housing sector is positioned to perhaps become 2017's highlight. The unadjusted index, which is tracked in this report, rose a monthly 0.4 percent in February.

Recent History Of This Indicator
Case-Shiller shot 0.9 percent higher in January to lift the year-on-year pace toward the 6 percent line at 5.7 percent, which is a very solid rate of appreciation in a low interest rate economy. Forecasters, at a consensus 0.8 percent monthly gain and 5.8 percent yearly rate, are looking for the Case-Shiller 20-city index to extend its strength in the February report.

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: 1/312/283/284/255/306/277/258/299/2610/3111/2812/27
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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