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S&P Corelogic Case-Shiller HPI  
Released On 3/27/2018 9:00:00 AM For Jan, 2018
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.6 %0.7 %0.7 %0.6 % to 0.7 %0.8 %
20-city, NSA - M/M0.2 %0.3 %
20-city, NSA - Yr/Yr6.3 %6.2 %5.4 % to 6.3 %6.4 %

Highlights
Home prices are bubbling a bit. First it was 3-1/2 year highs in last week's FHFA data and today Case-Shiller beats the top estimate with a very strong 0.8 percent monthly gain for a 6.4 percent year-on-year rate that matches November last year for another 3-1/2 year high.

If there are bubbles forming it's in the west. Seattle is out front at a 12.9 percent year-on-year gain with Las Vegas at 11.1 percent followed by San Francisco at 10.2 percent. The weakest price growth is in Chicago and Washington DC, both at 2.4 percent. Turning back to the west, all the cities are posting strong rates: LA and Denver at 7.6 percent, San Diego at 7.4 percent, and Portland at 7.1 percent.

Last week's FHFA data, which are broken out by census regions, were led by the mountain and pacific states. Jerome Powell, at last week's FOMC press conference, downplayed home prices as a risk to economic stability, and prices across most of the nation are growing at a healthy and sustainable rate -- with perhaps the west however an exception.

Consensus Outlook
Continuing strength is the call for Case-Shiller home prices where Econoday's consensus gain for the 20-city adjusted monthly rate is 0.7 percent with the year-on-year rate seen at 6.2 percent. Cities out West are leading the price gains and are perhaps raising questions over bubbles in the region. High prices are in part reflecting low supply of available homes on the market.

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
 
 

2018 Release Schedule
Released On: 1/302/273/274/245/296/267/318/289/2510/3011/2712/26
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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