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US: Case-Shiller Home Price Index
| Consensus | Consensus Range | Actual | Previous | |
| 20-City Adjusted - M/M | 0.3% | 0.1% to 0.3% | 0.3% | 0.3% |
| 20-City Unadjusted - M/M | -0.1% | -0.5% to 0.1% | -0.4% | 0.0% |
| 20-City Unadjusted - Y/Y | 2.6% | 1.6% to 2.9% | 2.7% | 2.5% |
Highlights
Housing prices are up 0.3 percent seasonally adjusted in August from September for the 20-city measure, matching the 0.3 percent Econoday consensus expectation. On year, prices are up 2.7 percent in August, not seasonally adjusted, topping the 2.6 percent expected and up from 2.5 percent in July.
The national index covering all nine U.S. census divisions, sees a 2.1 percent annual gain for August, up from 1.9 percent in July. The 10-city measure rises 3.6 percent, up from a 3.4 percent increase in July.
These numbers suggest the long-running downtrend in housing prices has partly reversed over the last few months. That comes despite sluggish demand, which suggests housing prices are reflecting the inflation building in the rest of the economy. S&P points out that U.S. home values fell in real terms for the 15th consecutive month, as August’s 3.4 percent inflation ran roughly 1.3 percentage points above the 2.1 percent national home price gain.
Among the 20 cities in the main measure, Chicago reports the highest annual gain with a 6.7 percent increase in August, followed by New York and Cleveland with annual increases of 6.2 percent and 4.3 percent, respectively. Seattle has the worst showing, falling 2.0 percent on year in August.
Market Consensus Before Announcement
The year-on-year rise in home prices is expected at 2.6 percent in August as housing price inflation remains muted amid weak demand.