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Economy in Brief

Case-Shiller Home Price Index Fell Further
by Tom Moeller November 25, 2008

The S&P/Case-Shiller 20 Home Price Composite Index fell another 1.8% during September. Since their peak in July 2006, prices have fallen 22.0% -- down 17.4% during the last twelve months. The series dates back only to 2000. The decline in September prices was greater than generally 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 1.9% during September. The index was down 18.6% year-to-year and was down 23.4% since the 2006 peak.

Weakest Regions: Home prices in Phoenix, Nevada continued quite weak and fell 3.5% during September (-31.9% y/y) and in San Diego prices fell another 2.4% (-26.3% y/y). Home prices in Las Vegas, Nevada fell 2.6% (-31.3% y/y). Prices in Miami fell 2.6% during September and were off 28.4% y/y, while the same was true for home prices in Los Angeles, down 27.6% y/y. In San Francisco home prices were off 29.5% y/y while prices in Miami fell 28.4%. Florida generally has seen weak home prices and in Tampa they posted a 19.5% y/y decline. The weak auto sector dragged down home prices in Detroit by 18.6% y/y.

Less Weak Regions: In the Northeast, the decline in home prices has been less severe to date. In New York, prices fell a lesser 7.3% y/y and they were down 5.7% in Boston. In Dallas, prices also were off by a modest 2.7% y/y and in Charlotte, North Carolina they fell 3.5% y/y . In Denver, home prices were off 5.4% y/y and they were down 6.4% y/y in Cleveland Ohio. In Chicago, home prices were off 10.1%.

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) September August Y/Y 2007 2006 2005
20 City Composite Index 161.56 164.60 -17.4% -3.8% 7.6% 15.8%
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