Recent Updates

  • China: 70-City Property Prices (Sep), Capacity Utilization, GDP (Q3)
  • US: Regional Retail Sales (Sep)
  • Spain: Motor Vehicle Registrations (Sep)
  • Canada Regional: CPI by Province (Sep), Retail Trade by Province (Aug)
  • Canada: CPI (Sep), Retail Trade (Aug)
  • Ireland: General Government Debt, General Government Transactions (Q2)
  • Latvia: PPI (Sep)
  • more updates...

Economy in Brief

U.S. Case-Shiller Home Price Index Continues Lower
by Tom Moeller  March 27, 2012

Whatever sign of improvement there may be in the latest home sales figures surely reflects price bargains. The seasonally adjusted Case-Shiller 20-City Home Price Index fell 0.8% in January following an unrevised 1.1% December decline. That pulled prices over the last twelve months down 3.8% versus a like 3.9% decline for last year's average. The narrower 10 City Composite Home Price Index ticked 0.1% lower during January (-3.9% y/y).

There were signs of improved pricing in some markets including Phoenix, Miami, Dallas, Denver, Tampa and Washington D.C. Elsewhere prices continued lower with the greatest declines in Atlanta, Las Vegas, Chicago, San Diego and Los Angeles.

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, %) Jan Dec Nov Jan
Y/Y
2011 2010 2009
20 City Composite Index -0.8 -1.1 -1.3 -3.8% -3.9 1.2 -13.3
Regional Indicators
Atlanta -1.1 -1.5 -1.1 -14.8 -7.0 -2.4 -11.6
Boston 0.0 -0.7 -0.5 -2.8 -2.0 1.9 -4.9
Chicago -0.5 -1.0 -2.1 -6.6 -6.8 -3.7 -14.2
Cleveland -0.7 -0.1 -0.2 -3.3 -4.3 0.7 -4.8
Dallas 0.4 0.2 -0.3 -1.2 -2.4 0.1 -2.3
Denver 0.7 0.1 0.4 0.2 -2.1 0.9 -2.8
Detroit -0.4 -2.5 -0.6 1.7 -0.1 -3.4 -21.3
Las Vegas -0.0 -0.5 -0.8 -9.1 -6.5 -7.7 -29.8
Los Angeles -0.2 -0.5 -0.7 -5.4 -3.4 5.3 -15.4
Miami 1.2 0.3 -0.8 -1.9 -4.9 -2.1 -22.0
Minneapolis 1.1 -0.0 0.4 -1.7 -8.2 3.2 -15.7
New York -0.4 -1.0 -0.8 -2.8 -3.1 -1.5 -9.8
Phoenix 2.0 1.4 0.7 1.2 -7.3 -0.3 -28.0
Portland -0.6 0.0 -1.1 -4.3 -7.2 -3.2 -12.8
San Diego -0.3 -0.1 -0.4 -5.3 -4.4 7.3 -13.3
San Francisco -0.6 0.0 -1.1 -5.9 -4.9 9.3 -18.4
Seattle 0.8 -0.1 -0.6 -3.9 -6.6 -3.6 -14.3
Tampa 0.4 0.3 -0.6 -3.7 -6.6 -4.0 -18.8
Washington, D.C. 1.7 -0.5 -0.0 -0.6 -0.4 4.7 -10.8
close
large image