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Economy in Brief

Case-Shiller Home Price Index Off 17.8% Since Peak
by Tom Moeller June 24, 2008

The April S&P/Case-Shiller Composite 20 home price index fell 1.4% m/m and continued its decline from the peak in home prices reached during July 2006. The decline in home prices since that peak totals 17.8% and 15.3% during the last twelve months. The series dates back only to 2000.

For the first quarter overall, home prices fell 6.7% and that was the largest decline since the series peak in 2Q06. Year to year, 1Q prices were down 14.1%.

The Case-Shiller 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), released last week, does make these adjustments. This series indicates that during 1Q08 house prices were roughly unchanged y/y but the purchase-only price index fell 3.1% y/y.

The Case-Shiller composite index of homes in just 10 metropolitan areas has a longer history and dates back to 1987. This measure of prices fell 1.6% in April and was down 16.3% year-to-year.

Home prices in Las Vegas Nevada remained quite weak and were down 26.8% y/y. Prices in Miami were off 26.7% and home prices in Los Angeles were off 23.1%. In San Diego prices fell 22.4% but they were off a lesser 8.4% in New York and by 6.4% in Boston.

In Dallas prices also were off a moderate 3.4% and they were down 0.1% in Charlotte, North Carolina.

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 USECON database but the city data is in the REGIONAL database.

S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) April March Y/Y 2007 2006 2005
20 City Composite Index 169.85 172.20 -15.3% -3.8% 7.6% 15.8%
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