Tuesday, February 24, 2015 10:00:59 AM
S&P Case-Shiller HPI
Released On 2/24/2015 9:00:00 AM For Dec, 2014
Prior Prior Revised Consensus Consensus Range Actual
20-city, SA - M/M 0.7 % 0.8 % 0.5 % 0.4 % to 0.8 % 0.9 %
20-city, NSA - M/M -0.2 % -0.2 % -0.1 % -0.3 % to 0.0 % 0.1 %
20-city, NSA - Yr/Yr 4.3 % 4.3 % 4.2 % 4.1 % to 4.5 % 4.5 %
Highlights
Sales of existing homes may be slow but price traction is appearing, at least it did in December as Case-Shiller's adjusted 20-city index shows a sharp month-on-month gain of 0.9 percent. This is the strongest monthly gain since March last year. Year-on-year growth, which had been slowing from the low double digits this time last year, is now leveling, at plus 4.5 percent vs November's 4.3 percent which is the first gain for this reading since way back in November 2013.
Unadjusted data, which are tracked closely in this report, tell the same story with the year-on-year rates exactly the same as the adjusted data, at 4.5 percent for December and 4.3 percent for November. The month-to-month rate, where adjustments have the largest effect, came in at plus 0.1 percent, much lower than the adjusted rate and reflecting the relative weakness of the housing market during the winter months. Note that strong adjustment effects are at play in housing data this time of year, a fact that does cloud the adjusted readings.
This report along with the FHFA report trended higher going into year-end, perhaps offering some explanation for the January spike in consumer confidence. But higher prices never did correlate with stronger sales as existing home sales late last year were no better than flat. And price data in yesterday's existing home sales report, which unlike Case-Shiller are not based on repeat transactions for individual homes, nevertheless do point to the risk of a downdraft for prices in January. The FHFA report for January will be posted Thursday morning at 9:00 a.m. ET.
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
Released On 2/24/2015 9:00:00 AM For Dec, 2014
Prior Prior Revised Consensus Consensus Range Actual
20-city, SA - M/M 0.7 % 0.8 % 0.5 % 0.4 % to 0.8 % 0.9 %
20-city, NSA - M/M -0.2 % -0.2 % -0.1 % -0.3 % to 0.0 % 0.1 %
20-city, NSA - Yr/Yr 4.3 % 4.3 % 4.2 % 4.1 % to 4.5 % 4.5 %
Highlights
Sales of existing homes may be slow but price traction is appearing, at least it did in December as Case-Shiller's adjusted 20-city index shows a sharp month-on-month gain of 0.9 percent. This is the strongest monthly gain since March last year. Year-on-year growth, which had been slowing from the low double digits this time last year, is now leveling, at plus 4.5 percent vs November's 4.3 percent which is the first gain for this reading since way back in November 2013.
Unadjusted data, which are tracked closely in this report, tell the same story with the year-on-year rates exactly the same as the adjusted data, at 4.5 percent for December and 4.3 percent for November. The month-to-month rate, where adjustments have the largest effect, came in at plus 0.1 percent, much lower than the adjusted rate and reflecting the relative weakness of the housing market during the winter months. Note that strong adjustment effects are at play in housing data this time of year, a fact that does cloud the adjusted readings.
This report along with the FHFA report trended higher going into year-end, perhaps offering some explanation for the January spike in consumer confidence. But higher prices never did correlate with stronger sales as existing home sales late last year were no better than flat. And price data in yesterday's existing home sales report, which unlike Case-Shiller are not based on repeat transactions for individual homes, nevertheless do point to the risk of a downdraft for prices in January. The FHFA report for January will be posted Thursday morning at 9:00 a.m. ET.
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
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