2017 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 5/30/2017 9:00:00 AM For Mar, 2017
PriorConsensusConsensus RangeActual
20-city, SA - M/M0.7 %0.8 %0.4 % to 0.9 %0.9 %
20-city, NSA - M/M0.4 %0.4 %0.3 % to 0.4 %1.0 %
20-city, NSA - Yr/Yr5.9 %5.8 %5.3 % to 6.2 %5.9 %

Highlights
Home prices are moving higher and becoming an increasing positive for the 2017 economy. Case-Shiller's adjusted 20-city index rose a very strong 0.9 percent in data for March which is 1 tenth over expectations. The unadjusted rate, which is watched in this report, rose a much higher-than-expected 1.0 percent with the unadjusted year-on-year rate at 5.9 percent, also higher than expected.

The 20-city breakdown is once again showing life for what are still lagging big city names including New York, up 1.1 percent in the month, and Detroit, up 1.2 percent. Gains here hint at deepening strength overall. Year-on-year rates are still being led by Seattle, up 12.2 percent followed by Portland, up 9.2 percent.

Other indications on home prices, including last week's FHFA report and existing home sales data, are also positive and together are pointing squarely at 6 percent annual appreciation, this despite what have been a run of uneven sales and construction data. But prices don't lie and are pointing to greater household wealth and perhaps sustained strength ahead for consumer spending.

Consensus Outlook
Housing demand has been firm this year with Case-Shiller's 20-city index shooting 0.7 percent and 0.9 percent higher in the last two reports, lifting the year-on-year pace toward the 6 percent line. The FHFA house price index is already over 6 percent but the consensus for March's 20-city index, despite a sizable monthly gain, calls for a 1 tenth dip to 5.8 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 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
 
[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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