2018 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 5/29/2018 9:00:00 AM For Mar, 2018
PriorConsensusConsensus RangeActual
20-city, SA - M/M0.8 %0.7 %0.6 % to 0.8 %0.5 %
20-city, NSA - M/M0.7 %0.5 %0.2 % to 0.6 %1.0 %
20-city, NSA - Yr/Yr6.8 %6.4 %6.3 % to 7.0 %6.8 %

Home-price appreciation is slowing going into the Spring housing season with Case-Shiller's March data offering the latest indication. The 20-city adjusted index rose a softer-than-expected 0.5 percent which is just below Econoday's low estimate. This follows last week's very weak FHFA report and also similarly soft price indications in both the new and existing home reports.

Minneapolis has been showing a run of strength, jumping a monthly 1.3 percent in March following 0.9 and 1.0 percent gains in the prior two months. Otherwise, the West continues to dominate with Seattle and Las Vegas also rising 1.3 percent in the month and Phoenix up 1.0 percent. But cities like Atlanta at 0.3 percent and Charlotte at 0.5 percent tell the month's story, both posting moderate gains. Cleveland, at minus 0.2 percent, and Dallas at plus 0.2 percent bring up the rear,

The year-on-year rate for Case-Shiller is steady, coming in at 6.8 percent though the slowing in the monthly rate will ease expectations for an approach to the 7 percent line. The unadjusted monthly index rose 1.0 percent reflecting March's relative strength in home prices compared to other months.

But early traction in the Spring housing season appears to be less convincing than usual which, for policy makers committed to sustainable economic growth, is probably a plus given what may have been a pattern of overheated price appreciation last year. And there's still hints of this out West with year-on-year growth in Seattle, Las Vegas and San Francisco all in the double digits (12.9, 12.4, and 11.2 percent respectively).

Consensus Outlook
The Case-Shiller 20-city index had been pushing toward 7 percent annual growth, at 6.8 percent in the last report for February. But after significant slowing in FHFA's March data, forecasters do not see extending strength for Case-Shiller's year-on-year rate with the consensus at 6.4 percent. Yet monthly estimates are solid, up 0.7 percent for the adjusted rate and up 0.5 percent for the unadjusted rate.

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
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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