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Economy in Brief

Case-Shiller Home Price Index Down 15.9%
by Tom Moeller August 26, 2008

The S&P/Case-Shiller Composite 20 home price index during June fell 0.5% from May after a revised 0.9% drop during that month. Since the peak in July 2006 prices have fallen 18.8% and by 15.9% 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 weighted to reflect price changes due to extensive remodeling, adding a home addition or extreme neglect. For example, smaller weights are assigned to sales of homes that have undergone extensive remodeling.

The Case-Shiller composite index of homes in 10 metropolitan areas, which has a longer history and dates back to 1987, fell 0.6% in June, down 17.0% year-to-year.

Home prices in Las Vegas, Nevada continued to fall and they were down 28.6% y/y. Prices in Miami also were off 28.3% and home prices in Los Angeles fell 25.3%. In San Diego prices fell 24.2% y/y and they were down 23.7% in San Francisco. Prices in Tampa Florida posted a 20.1% y/y decline.

In New York prices fell a lesser 7.3% and they were down 5.2% in Boston. In Dallas prices also were off a modest 3.2% and by only 1.0% in Charlotte, North Carolina. In Seattle Washington prices fell 7.1% and they were down 8.1% in Atlanta.

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.

How Much Have U.S. House Prices Fallen? from the Federal Reserve Bank of St. Louis is available here.

S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) June May Y/Y 2007 2006 2005
20 City Composite Index 167.69 168.54 -15.9% -3.8% 7.6% 15.8%
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