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Economy in Brief

Case-Shiller Home Price Index Falls Further
by Tom Moeller April 28, 2009

The S&P/Case-Shiller 20 Home Price Composite Index fell 1.9% during February and the decline lowered prices by 18.6% during the last twelve months and by 29.9% since their peak in May 2006. The series dates back only to 2000 and the February decline in prices was as expected.

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 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, also fell 1.9% and was down 18.8% year-to-year. The measure was down 31.0% since the 2006 peak.

Weakest Regions: Home prices in Phoenix, Nevada were quite weak and fell 35.2% y/y and in San Francisco prices fell 31.0% y/y, off 44.0% from their early-2006 peak. Home prices in Las Vegas, Nevada fell 31.7% y/y and were down 48.0% from their peak. Prices in Miami fell 29.5% y/y while home prices in Los Angeles were down 24.0% y/y. In Tampa they fell 23.0% and in Detroit home prices dropped by 23.5% y/y, off 40.9% from the peak.

Less Weak Regions: In the Northeast, the decline in home prices continued less severe. Prices in New York fell 10.2% y/y, off 17.4% from their 2006 peak. Prices were down 7.2% year-to-year in Boston but in Chicago home prices were down a larger 17.6% y/y, 24.5% from the 2007 peak. In Cleveland, Ohio the decline in home prices accelerated during February and they fell 4.1% m/m and 8.4% y/y but in Dallas prices were off by a modest 4.5% y/y and by 8.8% from the 2007 peak. In Charlotte, North Carolina prices fell a moderate 9.3% y/y and in Denver home prices prices fell just 5.6% y/y.

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.

The Case-Shiller data is available in Haver's USECON database.

Can Monetary Policy Affect GDP Growth? from the Federal Reserve Bank of St. Louis can be found here.

S&P/Case-Shiller Home Price Index (SA, Jan 00 = 100) February January Y/Y 2008 2007 2006
20 City Composite Index 144.56 147.36 -18.6% -15.8% -3.8% 7.6%
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