Here's An Interesting Home Price Chart To Consider Before Today's Case-Shiller Report

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Societe Generale

At 9:00 a.m. ET, we'll get the May reading of U.S. home prices as measured by S&P/Case-Shiller.

"We will be paying particular attention to the breadth of price gains in next week’s report,"  said Societe Generale's Brian Jones. " Since last December, all of the metropolitan areas surveyed have posted sequential increases in home selling prices."

This breadth of gains is illustrated by the gold line in the chart above.

Economists estimate the 20-city index climbed 1.7% month-over-month in May and 12.1% year-over-year.

"Figures released by data provider CoreLogic suggest that home selling prices remained on an uptrend during May in the twenty cities covered by the S&P/Case- Shiller survey," said Jones.

"Both new and pending home sales, the latter of which tracks signed contracts for existing home sales, ramped up during the month signaling greater demand," said Bank of America Merrill Lynch's Michelle Meyer. "Coupling this with lean inventories, home prices should continue to rise.

Meyer estimates the 20-city composite increased 1.5% mom, leaving prices up 12.6% yoy.

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