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Economy in Brief

Case-Shiller Home Price Index Posts 10.7% y/y Decline
by Tom Moeller March 25, 2008

The S&P/Case-Shiller Composite 20 home price index fell 2.4% m/m in January. As a result this index of U.S. home prices was down 10.7% from January of 2007, a record decline for this series which dates back only to 2000. Home prices have fallen in every month since July of 2006 and the decline over that period totals 12.5%.

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 during the fourth quarter of 2007 house prices rose a negligible 0.8% y/y, the weakest gain since 1990.

The Case-Shiller composite index of homes in a fewer 10 a metropolitan areas fell 2.3% (-11.4% y/y) last month.

Home prices in San Francisco prices fell 13.2% and prices in Miami Florida also fell sharply by 19.3% y/y. Home prices in Las Vegas Nevada matched that decline and fell 19.3% y/y while in Los Angeles prices fell 16.5% y/y.

Relatively moderate declines were registered in New York (-5.8% y/y), Chicago (-6.6% y/y), Denver (-5.1% y/y) and San Diego California (-5.8% 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.

S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) January December Y/Y 2006 2005 2004
20 City Composite Index 180.65 185.01 -10.7% -3.8% 7.6% 15.8%
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