The Case-Shiller house price indexes for July were released yesterday. Zillow has started forecasting Case-Shiller a month early – and I like to check the Zillow forecasts since they have been pretty close. Note: Hopefully Zillow will start estimating the National Index.
From Zillow: Find Out Next Month’s Case-Shiller Numbers Today
The July S&P/Case-Shiller (SPCS) data out this morning indicated continued slowing in the housing market with the annual change in the 20-city index falling to 6.7 per cent from 8.1 per cent the prior month. Our current forecast for SPCS next month indicates further slowing with the annual increase in the 20-City Composite Home Price Index falling to 5.7 per cent in August.
The non-seasonally adjusted (NSA) monthly increase in July for the 20-City index was 0.6 per cent, and we expect it to fall to 0.3 per cent next month.
All forecasts are shown in the table below. These forecasts are based on the July SPCS data release this morning and the August 2014 Zillow Home Value Index (ZHVI), released September 18. Officially, the SPCS Composite Home Price Indices for August will not be released until Tuesday, October 28.
So the Case-Shiller index will probably show a lower year-over-year gain in August than in July (6.7% year-over-year for the Composite 20 in July, 5.6% year-over-year for the National Index).
More from Calculated Risk:
- Thursday: Unemployment Claims, Q3 Apartment Vacancy Rate
- Zillow: Case-Shiller House Price Index expected to slow further year-over-year in August
- U.S. Light Vehicle Sales decrease to 16.34 million annual rate in September
- Reis: Office Vacancy Rate unchanged in Q3 at 16.8%
- Construction Spending decreased 0.8% in August