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Economy in Brief

U.S. Case-Shiller Home Price Index Steadies
by Tom Moeller  June 28, 2011

The seasonally adjusted Case-Shiller 20-City Home Price Index slipped 0.1% m/m in April after a deepened 0.3% decline in March. It was the tenth consecutive monthly decline in the seasonally adjusted series. That left the latest index level roughly equal to the lowest since March, 2003. Not seasonally adjusted prices rose 0.7% during April. The latest y/y decline of 3.9% roughly matched Consensus expectations, according to Bloomberg. The narrower 10 City Composite Home Price Index of prices was unchanged (-3.1% y/y) during April following nine consecutive down months.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-11.0%), Portland (-9.1%), Phoenix (-8.8%), Chicago (-8.4%), and Tampa (-7.7%). More moderate price declines were logged in San Francisco (-5.5%), Miami (-5.5%), Denver (-4.1%), New York (-2.8%), Dallas (-4.0%) and Los Angeles (-2.0% y/y). Prices rose in Washington D.C. by 4.1%.

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.

Understanding House-Price Dynamics from the Federal Reserve Bank of Philadelphia can be found here.

S&P Case-Shiller Home Price Index (SA,%) Apr Mar Feb Apr Y/Y 2010 2009 2008
20 City Composite Index -0.1 -0.3 -0.2 -3.9 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta 0.9 0.4 1.0 -3.5 -2.4 -11.6 -8.5
  Boston -1.0 -0.7 -0.9 -4.2 1.9 -4.9 -5.7
  Chicago -0.3 -1.7 -0.8 -8.4 -3.7 -14.2 -10.0
  Charlotte -0.9 -1.3 -0.7 -6.6 -3.4 -8.2 -1.9
  Cleveland -0.4 -1.1 0.2 -6.7 0.7 -4.8 -7.3
  Dallas -1.1 -0.7 0.0 -4.0 0.1 -2.3 -3.2
  Denver -0.1 -0.3 -0.5 -4.1 0.9 -2.8 -4.9
  Detroit -1.8 -3.2 1.2 -7.3 -3.4 -21.3 -17.9
  Los Angeles 0.2 0.2 -0.1 -2.0 5.3 -15.4 -24.2
  Miami 0.0 0.4 -1.5 -5.5 -2.1 -22.0 -26.5
  Minneapolis 1.1 -2.5 -1.3 -11.0 3.2 -15.7 -14.3
  New York 0.5 -0.3 -0.2 -2.8 -1.6 -9.8 -7.4
  Phoenix 0.3 0.1 0.1 -8.8 -0.3 -28.0 -27.5
  Portland -0.7 -0.4 -0.8 -9.1 -3.2 -12.8 -6.6
  San Diego -0.1 -0.9 -0.9 -4.3 7.3 -13.3 -23.3
  San Francisco 0.2 0.6 -1.6 -5.5 9.3 -18.4 -24.3
  Seattle 0.2 0.5 -1.7 -6.9 -3.6 -14.3 -7.3
  Tampa -0.6 0.2 -0.3 -7.7 -4.0 -18.8 -19.2
  Washington, D.C. 2.0 0.5 0.6 4.1 4.8 -10.8 -15.7
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