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Economy in Brief

Case-Shiller Home Price Index Fell A Record 18.2%
by Tom Moeller January 27, 2009

The S&P/Case-Shiller 20 Home Price Composite Index fell another 1.9% during November. That pulled prices down 18.2% during the last twelve months and by 25.2% since their peak in May 2006. The series dates back only to 2000. The decline in November 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 1.8% during November. It was down 19.1% year-to-year and down 26.8% since the 2006 peak.

Weakest Regions: Home prices in Phoenix, Nevada continued quite weak and fell 3.1% during November (-32.9% y/y) and in San Diego prices fell another 1.8% (-25.8% y/y). Prices here were off 38.2% from their early 2006 peak. Home prices in Las Vegas, Nevada fell 2.7% (-31.7% y/y) and were down 41.7% from their peak. Prices in Miami fell 2.1% (-28.7% y/y) during November while the weakness in home prices in Los Angeles where prices fell 1.7% (-26.9% y/y. In San Francisco home prices were off 30.8% year-to-year, off 38.04 from their 2006 peak, while prices in Miami fell 28.7% y/y. Florida generally has seen weak home prices. In Tampa they fell 20.9% y/y and in Detroit home prices fell by 20.7% y/y off 34.6% from the peak.

Less Weak Regions: In the Northeast, the decline in home prices continued less severe. In New York, prices fell 8.6% y/y, off 13.8% from their 2006 peak. Prices were down 7.3% year-to-year in Boston. In Dallas prices also were off by a modest 3.3% y/y and by 5.6% from last year's peak. In Charlotte, North Carolina they fell a somewhat greater 5.3% y/y and in Denver, home prices were off 4.3% y/y. In Cleveland Ohio prices were off 5.2% y/y and in Chicago, home prices were down a relatively heafty 12.5% y/y, 16.1% from the peak.

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) November October Y/Y 2007 2006 2005
20 City Composite Index 154.18 157.17 -18.2% -3.8% 7.6% 15.8%
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