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Economy in Brief

U.S. Case-Shiller Home Price Index Moves To New Low
by Tom Moeller  April 26, 2011

Home prices continue weak and fell during February to their lowest since mid-2003. The seasonally adjusted Case-Shiller 20-City Home Price Index fell 0.2% after a revised 0.3% January drop, initially reported as down 0.2%. It was the eighth consecutive monthly drop in the seasonally adjusted series. Not seasonally adjusted prices fell 1.1% during February. The decline roughly matched consensus expectations. During the last twelve months, prices fell 3.3%. The narrower 10 City Composite Home Price Index of prices fell 0.2% (-2.6% y/y) during February, also down for the eighth consecutive month.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Phoenix (-8.5%), Minneapolis (-8.2%), Chicago (-7.5%), Seattle (-7.4%), and Portland (-7.0%). Moderate price declines were logged in San Francisco (-3.4%), New York (-3.1%), Cleveland (-2.8%) and Dallas (-1.2%). Prices rose in Washington D.C. (2.8%).

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.

The S&P/Case-Shiller home price series can be found in Haver's USECON database.

S&P Case-Shiller Home Price Index (SA,%) Feb Jan Dec Feb Y/Y 2010 2009 2008
20 City Composite Index -0.2 -0.3 -0.4 -3.3 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta 0.4 0.9 0.1 -5.8 -2.4 -11.6 -8.5
  Boston -0.6 0.5 0.5 -1.0 1.9 -4.9 -5.7
  Chicago -0.7 -0.2 -0.7 -7.5 -3.7 -14.2 -10.0
  Charlotte -0.6 -0.5 -0.0 -4.9 -3.4 -8.2 -1.9
  Dallas 0.5 0.6 0.9 -1.2 0.1 -2.3 -3.2
  Denver -0.2 0.3 0.2 -2.5 0.9 -2.8 -4.9
  Los Angeles -0.1 0.2 -0.8 -2.1 5.3 -15.4 -24.2
  Miami -1.4 -0.8 -0.4 -6.1 -2.1 -22.0 -26.5
  Minneapolis -1.3 -1.5 -0.6 -8.2 3.1 -15.7 -14.3
  New York -0.2 -0.8 -0.7 -3.1 -1.6 -9.8 -7.4
  San Francisco -1.1 -0.4 -0.0 -3.4 9.3 -18.4 -24.3
  Tampa -0.4 0.3 -1.8 -5.9 -4.0 -18.8 -19.2
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