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Economy in Brief

U.S. Case-Shiller Home Price Index Momentum Is Still Down
by Tom Moeller  October 25, 2011

The seasonally adjusted Case-Shiller 20-City Home Price Index was essentially unchanged during August after 0.1% declines for three straight months. Prices during the last twelve months have fallen 3.8% after rising modestly twelve months ago. Prices have fallen roughly one-third since the 2006 peak. Not seasonally adjusted prices also rose 0.2% during August. The latest y/y decline was roughly as expected, according to Bloomberg. The narrower 10 City Composite Home Price Index of prices slipped 0.3% during August (-3.6% y/y), the same as during July.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-8.6%), Phoenix (-7.7%), Portland (-7.6%), Atlanta (-6.3%) and Seattle (-6.1%). More moderate price declines were logged in Cleveland (-4.9%), Miami (-4.6%), New York (-3.5%), Los Angeles (-3.5%), Boston (-1.8%) and Denver (-1.7%). Prices rose 2.6% y/y in Detroit and 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.

What's It Worth? Property Taxes and Assessment Practices from the Federal Reserve Bank of Philadelphia can be found here.

S&P Case-Shiller Home Price
Index (SA,%)
Aug Jul Jun Aug
Y/Y
2010 2009 2008
20 City Composite Index -0.0 -0.1 -0.1 -3.8% 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta -1.7 -1.6 0.1 -6.3 -2.4 -11.6 -8.5
  Boston 0.2 0.1 0.5 -1.8 1.9 -4.9 -5.7
  Chicago 0.4 0.3 1.1 -5.9 -3.7 -14.2 -10.0
  Charlotte 0.2 -0.3 0.8 -3.4 -3.4 -8.2 -1.9
  Cleveland -0.4 0.0 -0.2 -4.9 0.7 -4.8 -7.3
  Dallas 0.2 0.2 -0.1 -1.9 0.1 -2.3 -3.2
  Denver -0.3 -0.5 -0.1 -1.7 0.9 -2.8 -4.9
  Detroit -0.1 2.5 3.8 2.6 -3.4 -21.3 -17.9
  Las Vegas -0.9 -0.8 -0.4 -5.8 -7.7 -29.8 -28.1
  Los Angeles -0.7 -0.7 -0.4 -3.5 5.3 -15.4 -24.2
  Miami -0.6 0.0 0.0 -4.6 -2.1 -22.0 -26.5
  Minneapolis 0.2 0.1 0.5 -8.6 3.2 -15.7 -14.3
  New York -0.1 0.4 -0.1 -3.5 -1.6 -9.8 -7.4
  Phoenix -0.8 -1.1 -0.8 -7.7 -0.3 -28.0 -27.5
  Portland -0.1 0.1 -0.6 -7.6 -3.2 -12.8 -6.6
  San Diego -0.4 -0.9 -0.6 -5.6 7.3 -13.3 -23.3
  San Francisco -0.7 -0.9 -0.8 -5.4 9.3 -18.4 -24.3
  Seattle -0.5 -0.3 -0.2 -6.1 -3.6 -14.3 -7.3
  Tampa -0.3 -0.3 0.2 -5.9 -4.0 -18.8 -19.2
  Washington, D.C. 1.0 1.0 -0.7 0.2 4.7 -10.8 -15.7
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