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Economy in Brief

Decline In Case-Shiller Home Price Index Eases
by Tom Moeller June 30, 2009

S&P/Case-Shiller Home Price Composite Index of twenty metro-markets slipped just 0.9% during April versus March. The latest monthly decline was the smallest since late 2007; however, it still left prices 18.1% lower during the last twelve months and down by nearly one-third since their peak in May 2006. The April decline in prices was less than the expected 18.9% y/y drop.

The series dates back only to 2001. The S&P/Case-Shiller home price series can be found in Haver's USECON database and the city data highlighted below 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 a lessened 1.0% and was down 18.0% year-to-year. The measure also was down by nearly one-third since the 2006 peak.ยท Less Weak Regions:  In Cleveland, Ohio prices ticked up slightly m/m (-10.5% y/y) and in Dallas prices rose slightly as well (5.0% y/y). Prices also rose 0.7% in Denver (-4.9% y/y). In addition, in Boston the monthly decline in prices moderated substantially (-7.7% y/y) and in Chicago home prices were roughly unchanged m/m (-18.7% y/y).  In New York, the price decline showed little moderation (12.5% y/y), off roughly 20% from their 2006 peak. In Charlotte, North Carolina prices also continued down moderately (10.0% y/y.

Weakest Regions: Home prices in Phoenix, Nevada were quite weak and fell 35.3% y/y and in San Francisco prices fell a lessened 28.0% y/y. However, they still were off by nearly one-half from their early-2006 peak. Home prices in Las Vegas, Nevada continued their rapid rate of decline, 32.1% y/y, and also were down by roughly one half from their peak. The rate of price decline in Miami eased slightly (27.3% y/y while home prices in Los Angeles continued to fall sharply 21.2% y/y. In Tampa, the rate of monthly price decline slowed slightly (-21.3% y/y). In Detroit, the monthly rate of price decline also eased considerably (-25.4% y/y) but was off by early one-half from the peak.

Here is a link to the latest press release from Standard & Poor's. An overview of the S&P/Case-Shiller home price series can be found here.

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

S&P/Case-Shiller Home Price Index (SA, Jan 00 = 100) March February Y/Y 2008 2007 2006
20 City Composite Index 140.10 141.36 -18.1% -15.8% -3.8% 7.6%
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