Here's a quarter-end scorecard for the CME Case Shiller home price index futures.
I've quoted prices for the Feb 2026 and Feb 2027 contracts (and Feb 2028 for the HCI/10-city index). (Note that recent activity has contributed to tighter quotes, and that I try to narrow bid/ask at month-ends, so these spreads may not be indicative of future quotes).
Other features include bid/ask spreads in both points and percentages. (Note that bid/ask tends to be tightest in the shortest expirations and for the HCI/10-city index contracts).
I've added a comparison between March 31 prices and those from Dec 13 (as I was travelling at year-end 2024). While bids rose for most metros, they are lower for LAV and WDC.
Bid/ask spreads have tightened as bids rose more than asks, or in some cases where asks fell while bids rose e.g. SFR.
The table also lists implied percentage gains vs spot and implied YOY gains between the Feb 2026 and Feb 2027 contracts ( consistent with implied HPA for 2026). BOS, CHI, LAX and NYM are all priced for >4% gains to Feb 2026, while WDC is the laggard at 1.59%.
Feel free to DM me on these markets. Note that I also quote Ratio Agreements (see Footnote) on the other components of the Case Shiller 20-city index (e.g. Atlanta, Cleveland, Charlotte, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa) that allow users to gain outright exposure to those Case Shiller indices.
Thanks, John
^1 - See blog post on Atlanta for an example of Ratio Agreements: https://www.homepricefutures.com/posts/expressing-views-on-atlanta-home-prices-for-2025-206
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