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Economy in Brief

U.S. Case-Shiller Home Price Index Moves To New Low
by Tom Moeller  March 29, 2011

Home prices continue weak and fell during January to their lowest since mid-2003. During January, the seasonally adjusted Case-Shiller 20-City Home Price Index fell 0.2% after an unrevised 0.4% December drop. It was the seventh consecutive monthly drop in the seasonally adjusted series and the sixth when not seasonally adjusted. The decline roughly matched consensus expectations. During the last twelve months, prices fell 3.0%. The narrower 10 City Composite Home Price Index of prices fell 0.2% (-2.0% y/y) during January, also down for the seventh consecutive month.

Price declines remained widespread through the U.S. During the last twelve months declines were most notable in Phoenix, Detroit, Portland, Minneapolis, Chicago, Tampa, Atlanta, Seattle, Charlotte, Miami, Las Vegas, Cleveland, New York, Dallas, Denver, Los Angeles, San Francisco and Boston. Prices rose in Washington D.C. and inched up in San Diego.

The Case-Shiller home price series is 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.

Household Balance Sheets and the Recovery from the Federal Reserve Bank of Cleveland is available here.

S&P Case-Shiller Home Price Index (%) Jan Dec Nov Jan Y/Y 2010 2009 2008
20 City Composite Index -0.2 -0.4 -0.6 -3.0 1.3 -13.3 -15.7
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