2018 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 4/24/2018 9:00:00 AM For Feb, 2018
PriorConsensusConsensus RangeActual
20-city, SA - M/M0.8 %0.7 %0.5 % to 0.7 %0.8 %
20-city, NSA - M/M0.3 %0.2 %0.1 % to 0.3 %0.7 %
20-city, NSA - Yr/Yr6.4 %6.2 %6.1 % to 6.6 %6.8 %

Highlights
Low supply of available homes for the sale is a key factor behind strength in housing prices. Case-Shiller's 20-city adjusted index rose 0.8 percent in data for February. FHFA data, also released this morning, also exceeded expectations.

Year-on-year rates, at 6.8 percent for Case-Shiller and 7.2 percent for FHFA, are at 4-year highs. There is strong pressure out West in both reports with Case-Shiller's tally showing low double-digit growth in Seattle, Las Vegas and San Francisco. Those with the lowest growth in Case-Shiller are Washington DC and Chicago which are both in the low single digits.

Six percent rates for home-price appreciation were a solid fixture of the 2017 economy and a 6 to 7 percent rate appears to be the outlook for 2018. Watch later this morning at 10:00 a.m. ET for the latest on new home sales.

Consensus Outlook
Home price acceleration has been at a 3-1/2-year high, whether for FHFA data or the Case-Shiller 20-city adjusted index where the consensus is calling for another solid monthly gain of 0.7 percent in data for February. But the year-on-year rate is not seen moving higher, to 6.2 percent vs 6.4 percent in the prior month. The unadjusted monthly rate, at only a 0.2 percent expected gain, is a reminder that housing activity during the winter months is seasonally slow.

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 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
 
[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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