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Economy in Brief

U.S. Case-Shiller Home Price Index Remains Unchanged
by Tom Moeller  September 27, 2011

The seasonally adjusted Case-Shiller 20-City Home Price Index remained unchanged during July for the third straight month, June was revised up from a 0.1% slip reported earlier. Despite their recent stability, prices during the last twelve months have fallen 4.2% 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 0.9% during July. The latest y/y decline of 4.2% was less than the 4.6% Consensus expectation, according to Bloomberg. The narrower 10 City Composite Home Price Index of prices slipped 0.1% during July (-3.8% y/y) after two unchanged monthly readings.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-9.2%), Phoenix (-8.9%), Portland (-8.5%), Chicago (-6.8%), Seattle (-6.5%) and Tampa (-6.3%). Figures for Detroit, which previously showed decline y/y, were revised up sharply and now show a y/y increase. More moderate price declines were logged in San Francisco (-5.6%), Miami (-4.6%), New York (-3.8%), Los Angeles (-3.5%), Denver (-2.2%) and Boston (-2.0%). Prices rose 0.2% in Washington D.C.

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,%) Jul Jun May Jul Y/Y 2010 2009 2008
20 City Composite Index 0.0 0.0 -0.0 -4.2 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta -0.6 -0.1 -0.4 -5.0 -2.4 -11.6 -8.5
  Boston 0.1 0.5 1.2 -2.0 1.9 -4.9 -5.7
  Chicago 0.3 1.1 0.7 -6.8 -3.7 -14.2 -10.0
  Charlotte -0.4 0.8 -0.3 -3.9 -3.4 -8.2 -1.9
  Cleveland -0.0 -0.3 -0.6 -5.5 0.7 -4.8 -7.3
  Dallas 0.1 -0.3 -0.4 -3.3 0.1 -2.3 -3.2
  Denver -0.3 -0.1 0.2 -2.2 0.9 -2.8 -4.9
  Detroit 1.7 4.1 0.8 1.2 -3.4 -21.3 -17.9
  Las Vegas -0.7 -0.4 -0.9 -5.3 -7.7 -29.8 -28.1
  Los Angeles -0.6 -0.4 -0.3 -3.5 5.3 -15.4 -24.2
  Miami 0.1 0.1 0.7 -4.6 -2.1 -22.0 -26.5
  Minneapolis 0.1 0.6 0.3 -9.2 3.2 -15.7 -14.3
  New York 0.4 -0.1 0.4 -3.8 -1.6 -9.8 -7.4
  Phoenix -1.1 -0.7 -0.8 -8.9 -0.3 -28.0 -27.5
  Portland -0.0 -0.7 -0.2 -8.5 -3.2 -12.8 -6.6
  San Diego -0.9 -0.6 -0.5 -6.0 7.3 -13.3 -23.3
  San Francisco -0.8 -0.5 0.0 -5.6 9.3 -18.4 -24.3
  Seattle -0.2 -0.2 0.2 -6.5 -3.6 -14.3 -7.3
  Tampa -0.3 0.2 -0.4 -6.3 -4.0 -18.8 -19.2
  Washington, D.C. 1.5 0.9 -0.4 0.2 4.7 -10.8 -15.7
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