Using a combination of CME Case Shiller 10-city index futures, and an HPHF Ratio Agreement on the Fannie Mae/Case Shiller 10-city index, one can create forward values for the Fannie Mae index and therefore implied forward HPAs.

With the release of the quarterly Pulsenomics survey of 100+ home price forecasts, I raise this issue of how these forecasts look vs CME Case Shiller futures. I also offer a protocol where those interested can stake a view on forward Fannie Mae home prices.

I've posted a summary of quotes for the CME Case Shiller home price index futures as of March 31. The table includes prices changes since Dec 13, 2024, bid/ask spreads, and implied gains.

Intercity Spreads are a potentially useful tool that allows users to express a view on forward HPA between either two metros, or a metro and the 10-city index.