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Economy in Brief

Case-Shiller Home Price Index Lowest Since 2005
by Tom Moeller  February 26, 2008

According to the S&P/Case-Shiller Composite 20 home price index, U.S. home prices fell 2.1% m/m in December and repeated the prior months' decline. Home prices have fallen in every month since July of 2006 and the total decline over that period amounts to 10.5%. Prices were down 9.1% y/y.

The index of 20 U.S. cities and their surrounding areas is not adjusted for the quality or the size of the home. The home price index from the Office of Federal Housing Enterprise Oversight (OFHEO) does make these adjustments. This series indicates that through the third quarter home prices still were rising, but at a reduced 1.8% y/y rate.

The composite index of homes in 10 metropolitan areas fell 2.3% (-9.8% y/y) last month.

Home prices in San Diego California continued quite weak and fell 15.0% y/y. Prices in Miami Florida also are down a sharp 17.5% y/y. Home prices in Las Vegas Nevada also were on the list of very weak home prices and fell 15.3% y/y while in Los Angeles prices fell 13.7% y/y.

Relatively moderate declines were registered in New York (-5.6% y/y), Chicago (-4.5% y/y) and Denver, also down 4.5% y/y.

An overview of the S&P/Case-Shiller home price series can be found here.

The S&P/Case-Shiller home price series can be found in Haver's REGIONAL database.

Bubble, Bubble, Toil, and Trouble is a 2007 article from the Federal Reserve Bank of Chicago and it can be found here.

S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) December November Y/Y 2006 2005 2004
20 City Composite Index 184.86 188.92 -9.1% -3.9% 7.6% 15.8%
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