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S&P Corelogic Case-Shiller HPI  
Released On 6/26/2018 9:00:00 AM For Apr, 2018
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.5 %0.4 %0.5 %0.3 % to 0.6 %0.2 %
20-city, NSA - M/M1.0 %0.8 %0.2 % to 0.8 %0.8 %
20-city, NSA - Yr/Yr6.8 %6.7 %6.8 %6.6 % to 7.0 %6.6 %

Highlights
Home prices slowed going into and during the early part of the Spring selling season with Case-Shiller the latest to confirm the softening. Case-Shiller's 20-city adjusted index managed only a 0.2 percent gain in April to come up short of Econoday's low estimate. The year-on-year rate, at 6.6 percent, is no better than the low estimate.

Prices were weak in New York City, Washington DC as well as Atlanta and Chicago. Boston and Detroit, which have been weak, are showing life. Cities in the West, where outsized strength has been the norm, eased with San Francisco posting a rare decline.

April is a busy month for home sales and is reflected in the greater percentage change for the unadjusted monthly index which rose 0.8 percent. This matches expectations which takes the edge off the headline weakness suggesting that it's tied to seasonal adjustments.

Yet price concessions were apparent in last week's existing home sales report for May and yesterday's new home sales report as well. Demand strength for the Spring housing season appears to be less than convincing which for policy makers may actually be a plus given what may have been a pattern of overheated price appreciation last year. And there's still evidence of this out West with year-on-year growth in Seattle, Las Vegas and San Francisco all in the low double digits.

Consensus Outlook
Home-price appreciation has been strong but appeared to slow going into the Spring selling season. Renewed strength is the call for April's Case-Shiller data where the consensus gain for the 20-city adjusted index is a solid 0.5 percent with the unadjusted year-on-year rate seen holding at 6.8 percent. The consensus for unadjusted monthly growth, reflecting the relative strength of April compared with other months of the year, is 0.8 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
 
 

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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