The S&P/Case-Shiller HPI Composite-20 y/y reflects changes in the value of the residential housing in 20 US major metropolitan areas in the given month compared to the same month of the previous year.
The calculation involves the method of weighted repeated sales offered by Karl Case, Robert Shiller and Allan Weiss. Data for calculation are collected from local recording offices. Each metropolitan area is given a weigh used for the aggregate index calculation. The available data usually include the date, sale price and type of property. An object needs to have an earlier arms-length sales transaction in order to be included in the composite index calculation.
The following types of homes are excluded from calculation:
Different factors are usually formed in the market for different types of property, which determine demand, supply and prices. Therefore, for the correct evaluation of the market situation, the index includes segmentation by type of residential dwellings. The detailed version of this composite indicator includes three separate indices: prices for dwellings with low, medium and high cost. Changes in prices for expensive homes has a greater impact on the composite index result. This is one of the differences between the index and FHFA house price index, in which no segmentation is applied and an average price for all types of houses is calculated.
Also, S&P/CS calculation uses a smaller sample and does not take into account data from 13 states. The indicator is used for measuring activity in the real estate market in the largest US metro areas. Index growth can have a positive effect on dollar quotes.
The chart of the entire available history of the "S&P/Case-Shiller United States Home Price Index (HPI) Composite-20 y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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