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Economy in Brief

Home Prices Fell 20% Indicates Case-Shiller
by Tom Moeller October 28, 2008

The S&P/Case-Shiller Composite 20 Home Price Index fell another 1.0% in August which about matched the July drop. Since their peak in July 2006 prices have fallen 20.0% -- down 16.6% during the last twelve months. The series dates back only to 2000. The decline in August prices was 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, home additions 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 August, the same as during July. The index was down 17.7% year-to-year.

Home prices in Phoenix, Nevada continued quite weak and fell 2.9% during August (-30.7% y/y) and in San Diego prices fell 2.3% (-25.8% y/y). Home prices in Las Vegas, Nevada were down 2.4% (-30.6% y/y), about as they were in July. Prices in Miami also repeated their August performance and fell 1.8% (-28.1% y/y) while the same was true for home prices in Los Angeles, down 26.7% y/y. In San Francisco home prices were off 27.3% y/y and prices in Tampa, Florida posted an 18.1% y/y decline.

In the Northeast home prices have held up relatively well. In New York prices fell a lesser 6.9% y/y and they were down 4.7% in Boston. In Dallas prices also were off a modest 2.7% y/y and by 2.8% in Charlotte, North Carolina. In Denver home prices were off 5.1% y/y and they were down 6.6% in Cleveland Ohio.

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.

S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) August July Y/Y 2007 2006 2005
20 City Composite Index 164.57 166.29 -16.6% -3.8% 7.6% 15.8%
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