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Economy in Brief

Case-Shiller Home Price Index Down 16.3%
by Tom MoellerSeptember 30, 2008

The S&P/Case-Shiller Composite 20 home price index during July fell another 0.9% after a 0.5% decline during June. Since the peak in July 2006 prices have fallen 19.5% and by 16.3% during the last twelve months. The series dates back only to 2000. The decline in July prices was about as expected.

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 1.1% in July and was down 17.5% year-to-year.

Home prices in Las Vegas, Nevada continued to fall and they were down 29.9% y/y. Prices in Miami also were off 28.2% and home prices in Los Angeles fell 26.2%. In Phoenix prices were off 29.3%, in San Diego prices fell 25.0% y/y and they were down 24.8% in San Francisco. Prices in Tampa Florida posted a 19.4% y/y decline.

In New York prices fell a lesser 7.4% and they were down 5.4% in Boston. In Dallas prices also were off a modest 2.5% and by only 1.8% 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.

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) July June Y/Y 2007 2006 2005
20 City Composite Index 166.23 167.71 -16.3% -3.8% 7.6% 15.8%
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