U.S. home price index likely to maintain modest support in August

The home price index in the United States is expected to have remained modestly upbeat during the month of August. However, this is likely to yield modest downward pressure on the composite-20 measure on a y/y basis, to around 5.00 percent in August.

The August S&P/Case-Shiller composite home price index is scheduled to be released on October 25 at 09:00EDT (13:00GMT). Alongside expectations for further gains in the coming quarters, it is expected that the S&P/Case-Shiller home price index will show relatively maintained support in August on a m/m basis.

Looking at the results seen for July, the headline measure (composite-20 city index) increased +0.6 percent m/m (+5.0 percent y/y), compared to the +0.8 percent m/m reading seen in June, on a non-seasonally adjusted basis.

In terms of composite weighting, increases came from Miami (+7.0 percent y/y), Las Vegas (+5.4 percent y/y), San Francisco (+6.0 percent y/y), Los Angeles (+5.5 percent y/y), Dallas (+8.3 percent y/y), Portland (+12.4 percent y/y) and Detroit (+5.3 percent y/y).