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Economy in Brief

U.S. Case-Shiller Home Price Index Double-Dips
by Tom Moeller  May 31, 2011

Home prices have been seesawing, giving back all of the support created by last year's home-buyer tax credit. The seasonally adjusted Case-Shiller 20-City Home Price Index fell 0.2% m/m in March after an unrevised 0.2% February drop. It was the ninth consecutive monthly decline in the seasonally adjusted series. Moreover, the latest index level was nearly the lowest since March, 2003. Not seasonally adjusted prices fell 0.8% during March. The latest decline roughly matched consensus expectations. During the last twelve months, prices fell 3.5%. The narrower 10 City Composite Home Price Index of prices fell 0.6% (-2.9% y/y) during March, also down for the ninth consecutive month.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis, (-9.8%), Phoenix (-8.5%), Portland (-7.6%), Chicago (-7.5%), and Seattle (-7.4%). Moderate price declines were logged in San Francisco (-4.9%), New York (-3.3%), Dallas (-2.4%), Los Angeles (-1.7% y/y) and Detroit (-0.8%). Prices rose in Washington D.C. (4.4%).

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. The city data is in the REGIONAL database.

S&P Case-Shiller Home Price Index (SA,%) Mar Feb Jan Mar Y/Y 2010 2009 2008
20 City Composite Index -0.2 -0.2 -0.2 -3.5 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta -1.2 0.6 1.4 -5.1 -2.4 -11.6 -8.5
  Boston -0.9 -0.7 0.6 -2.6 1.9 -4.9 -5.7
  Chicago -0.8 -0.7 -0.2 -7.5 -3.7 -14.2 -10.0
  Charlotte -2.6 -0.8 -0.7 -6.8 -3.4 -8.2 -1.9
  Cleveland -1.3 0.6 0.5 -6.2 0.7 -4.8 -7.3
  Dallas -0.8 0.3 0.6 -2.4 0.1 -2.3 -3.2
  Denver -0.3 -0.5 0.2 -3.7 0.9 -2.8 -4.9
  Detroit -0.7 1.8 0.8 -0.8 -3.4 -21.3 -17.9
  Los Angeles 0.1 -0.1 0.2 -1.7 5.3 -15.4 -24.2
  Miami 0.3 -1.5 -0.8 -6.0 -2.1 -22.0 -26.5
  Minneapolis -2.5 -1.5 -1.6 -9.8 3.1 -15.7 -14.3
  New York -0.1 -0.2 -0.9 -3.3 -1.6 -9.8 -7.4
  Phoenix 0.1 0.1 -0.1 -8.4 -0.3 -28.0 -27.5
  San Francisco 0.5 -1.6 -0.3 -4.9 9.3 -18.4 -24.3
  Seattle 0.2 -1.7 -1.1 -7.4 -3.6 -14.3 -7.3
  Tampa 0.0 -0.1 -0.3 -6.9 -4.0 -18.8 -19.2
  Washington, D.C. 1.2 0.5 0.2 4.4 4.8 -10.8 -15.7
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