2018 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 2/27/2018 9:00:00 AM For Dec, 2017
PriorConsensusConsensus RangeActual
20-city, SA - M/M0.7 %0.6 %0.5 % to 0.7 %0.6 %
20-city, NSA - M/M0.2 %0.1 %0.1 % to 0.3 %0.2 %
20-city, NSA - Yr/Yr6.4 %6.3 %6.2 % to 6.6 %6.3 %

Case-Shiller 20-city adjusted home prices rose a strong and as-expected 0.6 percent in December. Monthly gains are all led by Western names: Denver and Seattle at 1.2 percent and San Francisco and Las Vegas at 1.1 percent. Seattle is also leading the nation for the year-on-year rate, at 12.7 percent followed by Las Vegas at 11.1 percent. The tail enders are Chicago at 2.6 percent growth, Washington DC at 2.8 percent and Cleveland at 3.5 percent.

Overall year-on-year prices are up 6.3 percent and, despite a 1 downtick from November, are still trending higher. Also trending higher despite similar hesitation in December are this morning's separate data from FHFA. Given that housing prices have been climbing strongly, a little moderation is probably a good thing and helps lower the risk of overheating, a risk that appears to be tangible out West.

Consensus Outlook
Appreciation in home prices was one of 2017's biggest economic stories and the momentum likely continued into December following November's 0.7 percent monthly and 6.4 percent yearly gains for the Case-Shiller 20-city index. December's Case-Shiller index is expected to rise 0.6 percent with the yearly increase seen 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

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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