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Economy in Brief

U.S. Case-Shiller Home Price Index Declines Broadly Amongst Cities
by Tom Moeller November 29, 2011

Pressure on home prices just won't let up. During September prices fell in all but five cities. The seasonally adjusted Case-Shiller 20-City Home Price Index dropped 0.6% during September following a 0.3% August slip that was revised from no-change. Prices have fallen in all but one month this year and during the last twelve months are down 3.6%. Prices have fallen by roughly one-third since the 2006 peak. Not seasonally adjusted prices also fell 0.6% during September. The narrower 10 City Composite Home Price Index of prices slipped 0.4% during September (-3.3% y/y) and has fallen in all but one month during the last twelve.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Atlanta (-9.8%), Minneapolis (-7.4%), Las Vegas (-7.3%), Tampa (-6.7%), Phoenix (-6.5%), and Seattle (-6.5%). More moderate price declines were logged in Los Angeles (-4.2%), Miami (-4.0%), Cleveland (-3.1%), New York (-2.6%), Denver (-1.5%) and Boston (-1.2%). Prices rose 3.6% y/y in Detroit and 0.9% y/y 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, %) Sep Aug Jul Sep
Y/Y
2010 2009 2008
20 City Composite Index -0.6 -0.3 -0.2 -3.6% 1.3 -13.3 -15.7
 Regional Indicators
  Atlanta -4.1 -3.0 -1.1 -9.8 -2.4 -11.6 -8.5
  Boston -0.2 -0.4 0.0 -1.2 1.9 -4.9 -5.7
  Chicago -0.2 0.2 0.3 -5.1 -3.7 -14.2 -10.0
  Charlotte -0.3 -0.2 -0.5 -2.5 -3.4 -8.2 -1.9
  Cleveland 0.1 -0.5 0.0 -3.1 0.7 -4.8 -7.3
  Dallas 0.3 0.2 0.2 -0.8 0.1 -2.3 -3.2
  Denver -0.1 -0.3 -0.4 -1.5 0.9 -2.8 -4.9
  Detroit -0.5 -0.0 2.4 3.6 -3.4 -21.3 -17.9
  Las Vegas -1.8 -0.9 -0.8 -7.3 -7.7 -29.8 -28.1
  Los Angeles -1.0 -0.8 -0.7 -4.2 5.3 -15.4 -24.2
  Miami -0.5 -0.9 -0.0 -4.0 -2.1 -22.0 -26.5
  Minneapolis -0.9 -0.5 -0.1 -7.4 3.2 -15.7 -14.3
  New York 0.2 -0.1 0.5 -2.6 -1.5 -9.8 -7.4
  Phoenix -0.4 -0.7 -1.1 -6.5 -0.3 -28.0 -27.5
  Portland 0.5 -0.1 0.2 -5.7 -3.2 -12.8 -6.6
  San Diego -0.5 -0.4 -1.0 -5.4 7.3 -13.3 -23.3
  San Francisco -0.9 -0.7 -0.9 -5.9 9.3 -18.4 -24.3
  Seattle -0.8 -0.6 -0.4 -6.5 -3.6 -14.3 -7.3
  Tampa -1.7 -0.4 -0.5 -6.7 -4.0 -18.8 -19.2
  Washington, D.C. 1.0 0.3 0.4 0.9 4.7 -10.8 -15.7
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