Recent Updates

  • Spain: Workers Affected by Layoffs (Apr); Foreign Trade (May)
  • Ireland: Producer & Wholesale Price Indexes (Jun), General Government Transactions, General Government Debt (Q1), Residential Property Index by Region (May)
  • Iceland: Building Cost Index (Aug), Population (Q2)
  • UK: Public Sector Net Liabilities, Public Sector Finances (Jun)
  • France: ACOSS/URSSAF Employment Survey (Jun), Central Government Negotiable Debt (May)
  • Germany: PPI, Federal Budget, Monthly Tax Receipts (Jun), Trade in Goods
  • more updates...

Economy in Brief

U.S. Case-Shiller Home Price Index Declines Sharply
by Tom Moeller January 31, 2012

House price weakness intensified during November. The seasonally adjusted Case-Shiller 20-City Home Price Index dropped 1.3% after a like decline in October, initially reported as -0.6%. Among the 20 cities, only three, Phoenix, Denver and Minneapolis saw prices increase during the month. For the year-to-year comparison, the total is off an accelerated 3.7%, with all but Washington and Detroit sharing in the decline. The index level for November was 137.52 (Jan 2000 = 100); the peak was 206.66 in April 2006, and the last time the index was at the current level was March 2003. Not seasonally adjusted prices were off 1.3% in November. The narrower 10 City Composite Home Price Index was off 0.7% seasonally adjusted, and down 3.7% from the year ago.

While price declines were spread throughout the U.S., most cities are at least seeing lesser declines in the most recent 12-month comparisons. These include Denver, (-0.2% y/y), Cleveland (-1.1% y/y) and Minneapolis (-5.0% y/y). The main areas still experiencing worsening price situations include Atlanta (-11.7% y/y) and Las Vegas (-9.2% y/y).  

The Case-Shiller home price series is value-weighted, i.e., a greater index weight is assigned to more expensive homes. It is calculated using the "repeat sales method," where the item measured is the price change for a specific house compared to the price for that same house the last time it sold. In October, the national 20-city index covered 74,835 so-called "sale pairs". The nation-wide S&P/Case-Shiller home price indexes and sale pair counts can be found in Haver's USECON database, and the city data highlighted below are in the REGIONAL database.

S&P Case-Shiller Home Price Index (SA, %) Nov Oct Sep Nov
Y/Y
2010 2009 2008
20 City Composite Index -1.3 -1.3 -0.6 -3.7% 1.2 -13.3 -15.7
Regional Indicators
Atlanta -1.2 -3.6 -5.3 -11.7 -2.4 -11.6 -8.5
Boston -0.5 -0.3 -0.2 -1.6 1.9 -4.9 -5.7
Chicago -2.1 -1.4 -1.5 -5.9 -3.7 -14.2 -10.0
Charlotte -0.1 -0.3 0.0 -2.0 -3.4 -8.2 -1.9
Cleveland -0.2 -0.2 0.0 -1.1 0.7 -4.8 -7.3
Dallas -0.4 -0.1 0.3 -0.8 0.1 -2.3 -3.2
Denver 0.4 0.5 0.1 -0.2 0.9 -2.8 -4.9
Detroit -1.3 -1.2 0.3 3.8 -3.4 -21.3 -17.9
Las Vegas -0.9 -1.9 -1.7 -9.2 -7.7 -29.8 -28.1
Los Angeles -0.9 -1.0 -1.0 -5.4 5.3 -15.4 -24.2
Miami -0.8 -1.0 -0.5 -4.4 -2.1 -22.0 -26.5
Minneapolis 0.1 -0.7 -0.5 -5.0 3.2 -15.7 -14.3
New York -0.5 -1.4 0.2 -2.3 -1.5 -9.8 -7.4
Phoenix 0.6 0.0 -0.3 -3.6 -0.3 -28.0 -27.5
Portland -1.1 -0.3 0.7 -4.8 -3.2 -12.8 -6.6
San Diego -0.4 -0.0 -0.4 -5.4 7.3 -13.3 -23.3
San Francisco -1.3 -0.1 -0.9 -5.5 9.3 -18.4 -24.3
Seattle -0.7 -1.0 -0.9 -6.3 -3.6 -14.3 -7.3
Tampa -0.7 0.1 -1.9 -6.1 -4.0 -18.8 -19.2
Washington, D.C. -0.2 0.2 0.8 0.5 4.7 -10.8 -15.7
close
large image