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Economy in Brief

U.S. Case-Shiller Home Price Index Steadies
by Tom Moeller  July 26, 2011

The seasonally adjusted Case-Shiller 20-City Home Price Index held roughly constant during May after an upwardly revised 0.4% April gain. Nevertheless, during the last twelve months prices have fallen 4.5% after rising modestly y/y twelve months ago. That left the latest index level roughly equal to the lowest since March, 2003. Not seasonally adjusted prices rose 1.0% during May. The latest y/y decline of 4.5% matched Consensus expectations, according to Bloomberg. The narrower 10 City Composite Home Price Index of prices ticked 0.1% higher (-3.6% y/y) during May after April's 0.4% rise.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-11.7%), Phoenix (-9.5%), Tampa (-9.5% y/y), Portland (-9.1% y/y), Detroit (-9.2% y/y), and Chicago (-8.1%). More moderate price declines were logged in San Francisco (-5.5%), Miami (-5.3%), Dallas (-4.8%), New York (-3.2%), Denver (-3.3%) and Los Angeles (-3.2% y/y). Prices rose in Washington D.C. by 1.3%.

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.

S&P Case-Shiller Home Price Index (SA,%) May Apr Mar May Y/Y 2010 2009 2008
20 City Composite Index -0.0 0.4 -0.6 -4.5 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta -0.2 0.5 0.3 -4.7 -2.4 -11.6 -8.5
  Boston 1.2 -1.3 -0.7 -3.2 1.9 -4.9 -5.7
  Chicago 0.3 -0.6 -1.5 -8.1 -3.7 -14.2 -10.0
  Charlotte -0.4 0.1 -1.4 -5.1 -3.4 -8.2 -1.9
  Cleveland -0.5 -0.6 -1.2 -6.6 0.7 -4.8 -7.3
  Dallas -0.7 -1.0 -0.8 -4.8 0.1 -2.3 -3.2
  Denver 0.2 0.0 -0.4 -3.3 0.9 -2.8 -4.9
  Detroit -3.4 -1.2 -2.2 -9.2 -3.4 -21.3 -17.9
  Las Vegas -0.9 -0.7 -0.5 -6.5 -7.7 -29.8 -28.1
  Los Angeles -0.2 0.1 0.2 -3.2 5.3 -15.4 -24.2
  Miami 0.5 0.3 0.4 -5.3 -2.1 -22.0 -26.5
  Minneapolis 0.2 1.5 -3.1 -11.7 3.2 -15.7 -14.3
  New York 0.4 0.9 -0.4 -3.2 -1.6 -9.8 -7.4
  Phoenix -0.5 0.2 0.1 -9.5 -0.3 -28.0 -27.5
  Portland -0.2 -0.7 -0.4 -9.1 -3.2 -12.8 -6.6
  San Diego -0.5 -0.1 -0.9 -5.1 7.3 -13.3 -23.3
  San Francisco 0.1 0.2 0.6 -5.5 9.3 -18.4 -24.3
  Seattle 0.3 0.1 0.5 -7.0 -3.6 -14.3 -7.3
  Tampa -1.5 -0.9 -0.1 -9.5 -4.0 -18.8 -19.2
  Washington, D.C. 1.4 0.7 -1.0 1.3 4.8 -10.8 -15.7
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