2017 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 12/26/2017 9:00:00 AM For Oct, 2017
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.5 %1.0 %0.6 %0.6 % to 0.8 %0.7 %
20-city, NSA - M/M0.4 %0.5 %0.1 % to 0.5 %0.2 %
20-city, NSA - Yr/Yr6.2 %6.3 %6.1 % to 6.4 %6.4 %

Strength in home prices is one of the biggest stories of the 2017 economy, reflected in S&P Case-Shiller data where October's seasonally adjusted gain for the 20-city index is a sharp 0.7 percent. For a second month in a row, all 20 cities show monthly gains led in October by Las Vegas at 1.4 percent and San Francisco at 1.2 percent. Adding to the strength is a sizable 5 tenths upward revision to September which now stands at 1.0 percent which, however, is offset in part by a 2 tenths downward revision to August to a 0.2 percent gain.

But the gain for October and the upward revision to September are tied to seasonal adjustments as the unadjusted index rose only 0.2 percent in October with September unrevised at 0.4 percent. October, compared to other months, is relatively slow for the resale market which is compensated for by a large upward adjustment. Year-on-year rates (comparing October this year with October last year) are much less affected by seasonal adjustments and here underlying strength is the signal, at 6.4 percent for a 2 tenths gain and the best rate since July 2014.

Lack of supply of available homes on the market is a central factor helping home prices not to mention the general acceleration in housing demand that is clearly underway.

Recent History Of This Indicator
Home-price appreciation has been one of the high points of the 2017 economy, underlined by September's Case-Shiller report which came in at the high end of expectations showing gains for all 20 cities. Econoday's consensus for October is calling for a very strong 0.6 percent increase in the 20-city adjusted index. The consensus for the unadjusted monthly index is plus 0.5 percent with the consensus for the year-on-year rate at 6.3 percent.

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
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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