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S&P Corelogic Case-Shiller HPI  
Released On 8/28/2018 9:00:00 AM For Jun, 2018
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.2 %0.2 %0.1 % to 0.7 %0.1 %
20-city, NSA - M/M0.7 %0.8 %0.5 %
20-city, NSA - Yr/Yr6.5 %6.5 %6.4 % to 6.7 %6.3 %

Highlights
Last week's FHFA house price index missed already subdued expectations as does this morning's Case-Shiller adjusted 20-city index, managing a 0.1 percent gain in June vs expectations for only 0.2 percent. Year-on-year, Case-Shiller is up 6.3 percent vs expectations for 6.5 percent. This reading peaked at 6.7 percent earlier in the year.

Weakness in the major cities of the Northeast and Midwest is offsetting price strength in the West and Florida. Prices in New York City fell 0.7 percent in the month with Detroit down 0.1 percent and Chicago unchanged. Las Vegas leads June with a 1.0 percent rise followed by Tampa at 0.6 percent and Miami, Phoenix, and San Diego all at 0.5 percent in the month.

In year-on-year terms, Las Vegas at 13.0 percent is now out in front of Seattle at 12.8 percent. Washington DC is the tail ender at plus 2.9 percent with Chicago not much better at 3.3 percent and New York at only 3.8 percent.

The housing sector is having a tough year with construction limited by labor constraints and high prices and buying demand also limited by high prices. Yet the ongoing sag in home prices, which started in the early part of what proved to be a disappointing Spring selling season, should begin to make homes more affordable and in turn help stimulate sales.

Consensus Outlook
Home-price appreciation slowed sharply during the Spring selling season, at least through most of the country with the exception of the West where strength remained formidable. But another month of overall limited growth is the call for Case-Shiller data in June where the consensus gain for the 20-city adjusted index is for a third straight 0.2 percent. The unadjusted year-on-year rate is seen holding at May's 6.5 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 using a three-month moving average. This index is probably the best measure of changes in home prices. While it covers the gamut of types of houses sold, it is, however, 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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