Quiet market reaction to Mar CS #’s

Quotes on the CME home price index futures were little changed after the release of Tuesday’s Case Shiller numbers.  The table shows prices from the Nov ’18 contract, from Mar 26th (the day before #’s were announced) and as of the end of trading on Mar 27th.    Changes in mid-market levels were flat, but some contracts were more than a point higher (e.g. LAX and SFR) and while some were more than a point lower (e.g. CHI and WDC).  

Bid/ask spreads widened Tuesday, but contracted slightly on Wednesday.

The price levels on longer-dated contracts rose slightly, but are still consistent with declining, but positive HPA out past 2020.

Trading has been quiet with only 8 trades in the last week.

Feel free to contact me (johnhdolan@homepricefutures.com) if you have any questions on this blog, or any other aspect of hedging home price indices.