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Economy in Brief

U.S. Case-Shiller Home Price Index Continues To Languish
by Tom Moeller  August 30, 2011

The seasonally adjusted Case-Shiller 20-City Home Price Index slipped another 0.1% during June following a like performance during May which was little-revised. Nevertheless, during the last twelve months prices have fallen 4.6% after rising modestly y/y twelve months ago. That left the latest index level down by roughly one-third since the 2006 peak and equal to the lowest since March, 2003. Not seasonally adjusted prices rose 1.1% during June. The latest y/y decline of 4.6% matched Consensus expectations, according to Bloomberg. The narrower 10 City Composite Home Price Index of prices was unchanged during June (-3.9% y/y) after May's negligible decline.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-10.9%), Portland (-9.6%), Phoenix (-9.3%), Chicago (-7.5%), Tampa (-7.0%) and Detroit (-6.6% y/y). More moderate price declines were logged in San Francisco (-5.4%), Miami (-5.1%), Dallas (-4.4%), New York (-3.6%), Los Angeles (-3.4%) and Denver (-2.6%). Prices fell 1.2% in Washington D.C. and earlier gains were revised away.

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,%) Jun May Apr Jun Y/Y 2010 2009 2008
20 City Composite Index -0.1 -0.1 0.5 -4.6 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta -0.0 -0.3 0.5 -5.0 -2.4 -11.6 -8.5
  Boston 0.7 1.1 -1.3 -2.2 1.9 -4.9 -5.7
  Chicago 1.3 0.6 -0.6 -7.5 -3.7 -14.2 -10.0
  Charlotte 0.9 -0.5 0.1 -4.1 -3.4 -8.2 -1.9
  Cleveland -0.3 -0.6 -0.5 -6.2 0.7 -4.8 -7.3
  Dallas -0.3 -0.6 -1.0 -4.4 0.1 -2.3 -3.2
  Denver -0.1 0.2 -0.0 -2.6 0.9 -2.8 -4.9
  Detroit 0.2 -1.4 -0.1 -6.6 -3.4 -21.3 -17.9
  Las Vegas -0.4 -0.9 -0.8 -6.0 -7.7 -29.8 -28.1
  Los Angeles -0.3 -0.3 0.1 -3.4 5.3 -15.4 -24.2
  Miami 0.1 0.7 0.2 -5.1 -2.1 -22.0 -26.5
  Minneapolis 0.5 0.4 1.2 -10.9 3.2 -15.7 -14.3
  New York -0.1 0.4 1.0 -3.6 -1.6 -9.8 -7.4
  Phoenix -0.6 -0.8 0.1 -9.3 -0.3 -28.0 -27.5
  Portland -0.8 -0.2 -0.7 -9.6 -3.2 -12.8 -6.6
  San Diego -0.6 -0.5 -0.0 -5.3 7.3 -13.3 -23.3
  San Francisco -0.4 0.1 0.2 -5.4 9.3 -18.4 -24.3
  Seattle -0.1 0.2 0.1 -6.4 -3.6 -14.3 -7.3
  Tampa 0.4 -0.2 -0.6 -7.0 -4.0 -18.8 -19.2
  Washington, D.C. 0.9 -0.5 -0.5 -1.2 4.7 -10.8 -15.7
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