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Economy in Brief

Case-Shiller Home Price Index Improves Y/Y But Momentum Eases
by Tom Moeller May 25, 2010

The recent improvement in home sales has not enhanced pricing power by much, but at least it's ended earlier declines. Seasonally adjusted, the Case-Shiller Home Price Index slipped just marginally from February. That capped a 3.7% rise in prices since last May's low following double-digit, y/y price declines dating back to early-2008. Overall, home prices have fallen 29.8% since the April 2006 peak.

The narrower 10 City Composite Index rose a seasonally adjusted 0.2%. Over the last year prices rose 1.5% and they're up 4.6% since the low during May of last year.

The performance of home prices continued to vary around the country. During March the 12-month gain in prices was strongest in the West where in San Francisco they rose 16.3% and in San Diego by 10.8%. Lesser price gains were logged in Los Angeles (6.1%) and Denver (4.1%). Prices also rose in Cleveland (6.7%) Minneapolis (6.6%), Washington D.C. (5.7%), Boston (3.9%), Dallas (3.1%) and Phoenix (2.5%). Widespread, though lessened, price declines continued in Detroit (-4.5%), Charlotte (-3.9%), Seattle (-3.5%), Portland (-2.7%), New York (-2.4%) and Atlanta (-1.2%).

The Case-Shiller home price series are value-weighted, i.e., a greater index weight is assigned to more expensive homes. 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.

S&P/Case-Shiller Home Price Index (SA) March m/m February m/m January m/m March y/y 2009 2008 2007
20 City Composite Index -0.0 -0.1 0.3 2.4 -13.3 -15.7 -3.8
  Regional Indicators
     Atlanta -1.3 -0.7 -0.6 -1.2 -11.6 -8.5 0.7
     Boston 0.3 -0.4 0.3 3.9 -4.9 -5.7 -4.0
     Chicago -2.0 -1.1 -0.5 -2.2 -14.2 -10.0 -1.0
     Dallas 0.3 -1.3 -0.3 3.1 -2.3 -3.3 0.5
     Denver 0.5 -0.0 -0.1 4.1 -2.8 -4.9 -1.7
     Los Angeles -0.3 0.1 1.9 6.1 -15.4 -24.2 -5.2
     New York -0.1 -0.1 -0.2 -2.4 -9.8 -7.4 -2.8
     San Francisco 0.9 0.4 0.6 16.3 -18.4 -24.3 -4.5
     Tampa    -0.0 -0.3 0.3 -3.5 -18.8 -19.2 -7.6
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