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Economy in Brief

Case-Shiller Home Price Index Down 15.8%
by Tom Moeller July 29, 2008

During May the S&P/Case-Shiller Composite 20 home price index fell 1.3% from April. The index was revised up slightly for April but it has fallen during each month since July 2006. Since then prices have fallen 18.4% and by 15.8% during the last twelve months. The series dates back only to 2000.

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 Case-Shiller composite index of homes in 10 metropolitan areas, which has a longer history and dates back to 1987, fell 1.0% in May and was down 16.9% year-to-year.

Home prices in Las Vegas, Nevada continued to fall and they were down 28.4% y/y. Prices in Miami also were off 28.3% and home prices in Los Angeles fell 24.5%. In San Diego prices fell 23.2% and they were down 22.9% in San Francisco. Prices in Tampa Florida posted a 20.2% y/y decline.

In New York prices fell a lesser 7.9% and they were down 6.2% in Boston. In Dallas prices also were off a moderate 3.1% and by only 0.2% in Charlotte, North Carolina.

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.

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.

Whither Federal Reserve Communications is yesterday's speech by Governor Frederic S. Mishkin and it can be found here.

S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) May April Y/Y 2007 2006 2005
20 City Composite Index 168.54 170.00 -15.8% -3.8% 7.6% 15.8%
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