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Economy in Brief

U.S. Case-Shiller Home Price Index Falls Again
by Tom Moeller February 28, 2012

Year-end and full year 2011 were periods of house price decline. The seasonally adjusted Case-Shiller 20-City Home Price Index dropped 1.1% in December after an unrevised 1.3% decline in November. That pulled prices over the last twelve months down 4.0% with a like 3.9% decline for the yearly average. The narrower 10 City Composite Home Price Index was off 0.5%, during December, -3.9% y/y and down 3.4% for the full year.

For all of last year there were no cities that posted higher prices versus 2010. The worst of the declines occurred in Minneapolis (-8.2%), Phoenix (-7.3%), Portland (-7.2%), Atlanta (-7.0%), Chicago (-6.8%) and Los Vegas (-6.5%). Posting moderate price declines were Detroit (-0.3%), Washington D.C. (-0.3%), Boston (-2.0%), Denver (-2.1%), Dallas (-2.4%) and New York (-3.1%).

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, %) Dec Nov Oct Dec
Y/Y
2011 2010 2009
20 City Composite Index -1.1 -1.3 -1.3 -4.0% -3.9 1.2 -13.3
Regional Indicators
Atlanta -1.3 -1.3 -3.6 -12.7 -7.0 -2.4 -11.6
Boston -0.7 -0.6 -0.3 -2.6 -2.0 1.9 -4.9
Chicago -1.1 -2.2 -1.5 -6.4 -6.8 -3.7 -14.2
Charlotte 0.1 -0.7 -0.2 -2.3 -3.5 -3.4 -8.2
Cleveland -0.2 -0.2 -0.2 -2.4 -4.3 0.7 -4.8
Dallas 0.2 -0.3 -0.1 -1.3 -2.4 0.1 -2.3
Denver 0.1 0.4 0.5 -0.4 -2.1 0.9 -2.8
Detroit -3.5 -1.3 -0.8 0.5 -0.3 -3.4 -21.3
Las Vegas -0.4 -0.8 -1.9 -8.9 -6.5 -7.7 -29.8
Los Angeles -0.6 -0.8 -1.0 -5.2 -3.4 5.3 -15.4
Miami 0.2 -0.8 -1.0 -3.8 -4.8 -2.1 -22.0
Minneapolis -0.5 0.3 -0.5 -4.9 -8.2 3.2 -15.7
New York -0.7 -0.8 -1.4 -2.8 -3.1 -1.5 -9.8
Phoenix 1.4 0.6 0.1 -1.2 -7.3 -0.3 -28.0
Portland 0.1 -1.1 -0.2 -4.0 -7.2 -3.2 -12.8
San Diego -0.1 -0.4 0.0 -5.4 -4.4 7.3 -13.3
San Francisco 0.0 -1.2 -0.2 -5.4 -4.9 9.3 -18.4
Seattle -0.2 -0.6 -0.9 -5.6 -6.6 -3.6 -14.3
Tampa 0.2 -0.7 0.2 -4.2 -6.6 -4.0 -18.8
Washington, D.C. -0.4 0.0 -0.8 -1.6 -0.3 4.7 -10.8
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