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Economy in Brief
German PPI Rises at Nine-Month High Pace
The German PPI gained 0.2% in June on the heels of a 0.6% rise in May...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (5.8% y/y) during June...
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
by Tom Moeller June 29, 2010
Home prices improved during April. Seasonally adjusted, the Case-Shiller Home
Price Index inched up 0.4% from March after two months of slight decline.
However, home prices remain depressed and have fallen 29.1% since the May 2006
peak. Moreover, home prices in April may have been buoyed by the $8,000
home-buyer Federal tax credit which is about to expire. The narrower 10
City Composite Home Price Index rose a seasonally adjusted 0.3% during April.
Over the last year prices rose 4.7%.
The performance of home prices continued to vary around the country. During April the 12-month gain in prices was strongest in the West where in San Francisco it totaled 18.1% and 11.8% in San Diego. Lesser annual gains were logged in Minneapolis (9.6%), Los Angeles (7.9%), Washington D.C. (7.3%), Cleveland (6.9%) and Phoenix (5.5%). Prices also rose in Boston (4.9%), Denver (4.4%), Dallas (3.3%) and Atlanta (0.3%). Widespread, though lessened, price declines continued in Detroit (-2.9%), Charlotte (-2.2%), Seattle (-2.8%), New York (-1.0%) and Portland (-0.4%).
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.
It's Greek to Me is the title of yesterday's speech by Fed Governor Kevin Warsh and it can be found here.
| S&P/Case-Shiller Home Price Index (SA) | April m/m | March m/m | February m/m | April y/y | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.4% | -0.2% | -0.1% | 3.8% | -13.3% | -15.7% | -3.8% | |
| Regional Indicators | ||||||||
| Atlanta | 0.9 | -1.4 | -0.7 | 0.3 | -11.6 | -8.5 | 0.7 | |
| Boston | 0.5 | 0.4 | -0.4 | 4.9 | -4.9 | -5.7 | -4.0 | |
| Chicago | 1.0 | -2.4 | -1.0 | -1.5 | -14.2 | -10.0 | -1.0 | |
| Dallas | 0.6 | 0.3 | -1.3 | 3.3 | -2.3 | -3.3 | 0.5 | |
| Denver | 0.6 | 1.1 | -0.4 | 4.4 | -2.8 | -4.9 | -1.7 | |
| Los Angeles | 0.8 | -0.4 | 0.1 | 7.9 | -15.4 | -24.2 | -5.2 | |
| New York | -0.1 | -0.2 | -0.1 | -1.0 | -9.8 | -7.4 | -2.8 | |
| San Francisco | 1.1 | 1.8 | 0.2 | 18.1 | -18.4 | -24.3 | -4.5 | |
| Tampa | 0.3 | 0.5 | -0.4 | -2.3 | -18.8 | -19.2 | -7.6 | |
