Modest growth in home prices in June

Modest growth in home prices in June

Aug. 29:

The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index rose 0.92% in June. Prices were down 1.17% year over year, a smaller annual drop than May’s 1.73%. The largest year-over-year home price increases were seen in Chicago, Cleveland and New York.

The FHFA House Price Index, which focuses on the price of homes whose mortgages were bought or guaranteed by Fannie Mae and Freddie Mac, increased 0.3% in June. 

State of the market

The market’s attention will now focus on employment data, with an update on job openings expected later this morning, the ADP employment report tomorrow, weekly initial jobless claims Thursday and the monthly employment report Friday.

This morning, the Dow traded about flat and there wasn’t much net movement in Treasury yields relative to Monday morning.

Economic calendar

Tuesday, Aug. 29

  • S&P CoreLogic Case-Shiller Home Price Index
  • FHFA House Price Index
  • Job Openings
  • Consumer Confidence

Wednesday, Aug. 30

  • ADP Employment Report
  • Q2 Gross Domestic Product
  • Pending Home Sales

Thursday, Aug. 31

  • Personal Consumption Expenditures Price Index
  • Personal Income/Personal Spending
  • Weekly Initial Jobless Claims

Friday, Sept. 1

  • Monthly Employment Report
  • Construction Spending
  • ISM Manufacturing PMI

Treasury calendar

Monday, Aug. 28

  • Yesterday’s $45 billion auction of two-year Treasury notes resulted in a yield of 5.024%, with demand higher than the previous such auction. There was also a $46 billion auction of five-year Treasury notes resulting in a yield of 4.400%, with lower demand. Those two auction yields were the highest seen since 2006 and 2007, respectively.

Tuesday, Aug. 29

  • $36 billion auction of seven-year Treasury notes

By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking

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