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Economy in Brief

Case-Shiller Home Price Index Posts 12.7% y/y Decline
by Tom Moeller April 29, 2008

The S&P/Case-Shiller Composite 20 home price index fell 2.7% m/m in February and that followed declines of similar magnitude during the prior three months. This index of U.S. home prices has fallen in each month since its peak in July of 2006 and the decline totals 14.8% during that period. The series dates back only to 2000.

The index of 20 U.S. cities and their surrounding areas is not adjusted for the quality or the size of a 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 10 metropolitan areas fell 2.8% (-13.6% y/y) in February. This series dates back to 1987.

Home prices in Las Vegas Nevada were quite weak and fell 22.8% y/y while prices in Miami were off 21.7%. Home prices also fell a sharp 19.2% y/y in San Diego, where they are off by one quarter from their 2006 peak, and in Los Angeles prices fell 19.4% y/y.

Relatively moderate declines were again registered in New York (-6.6% y/y), Chicago (-8.5% y/y), Denver (-5.5% y/y), Seattle (-2.7% y/y) and Dallas (-4.1% y/y).

The latest press release from Standard & Poor's can be found here. 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) February January Y/Y 2007 2006 2005
20 City Composite Index 175.94 180.75 -12.7% -3.8% 7.6% 15.8%
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