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Economy in Brief

U.S. Case-Shiller Home Price Index Ticks Higher
by Tom Moeller  April 24, 201

The seasonally adjusted Case-Shiller 20-City Home Price Index edged up 0.2% during February following a revised 0.1% January dip, last month reported as -0.8%. The latest uptick was the first positive figure since April and left prices over the last twelve months down a stable 3.4%. The narrower 10 City Composite Home Price Index edged up 0.1% lower during February (-3.6% y/y).

There were signs of improved pricing in some markets including Phoenix, Miami and Minneapolis. Gains also were logged in Tampa, Dallas, Denver, San Diego, San Francisco and Washington D.C. but elsewhere prices continued lower. The greatest declines were in Atlanta, Cleveland, Seattle and Chicago.

The Case-Shiller home price series is value-weighted, i.e., a greater index weight is assigned to more expensive homes. It is a three-month moving average and 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. The nation-wide S&P/Case-Shiller home price indexes can be found in Haver's USECON database, and the city data highlighted below are in the REGIONAL

S&P Case-Shiller Home Price Index (SA, %) Feb Jan Dec Feb
Y/Y
2011 2010 2009
20 City Composite Index 0.2 -0.1 -0.5 -3.4% -3.9 1.3 -13.3
Regional Indicators
Atlanta -2.0 -1.1 -1.3 -17.2 -7.0 -2.4 -11.6
Boston -0.1 0.0 -0.7 -2.4 -2.0 1.9 -4.9
Chicago -0.7 -0.4 -1.0 -6.8 -6.8 -3.7 -14.2
Cleveland -0.6 -0.7 -0.1 -4.5 -4.3 0.7 -4.8
Dallas 0.4 0.5 0.2 -1.0 -2.4 0.1 -2.3
Denver 0.0 0.7 0.1 0.5 -2.1 0.9 -2.8
Detroit -0.4 0.1 -2.1 1.5 -0.0 -3.4 -21.3
Las Vegas 0.1 -0.2 -0.3 -8.6 -6.5 -7.7 -29.8
Los Angeles -0.0 -0.1 -0.5 -5.2 -3.4 5.3 -15.4
Miami 1.2 1.1 0.5 0.8 -4.9 -2.1 -22.0
Minneapolis 1.2 1.2 -0.0 0.5 -8.2 3.2 -15.7
New York -0.3 -0.6 -1.0 -2.9 -3.1 -1.5 -9.8
Phoenix 2.1 2.1 1.6 3.3 -7.3 -0.3 -28.0
Portland 0.4 -0.6 0.1 -3.0 -7.2 -3.2 -12.8
San Diego 0.7 -0.3 -0.1 -3.8 -4.4 7.3 -13.3
San Francisco 0.1 -0.6 0.0 -4.1 -4.9 9.3 -18.4
Seattle -0.5 0.7 -0.2 -2.9 -6.6 -3.6 -14.3
Tampa 0.5 0.4 0.4 -2.9 -6.6 -4.0 -18.8
Washington, D.C. 0.1 0.3 -0.7 -2.3 -0.4 4.7 -10.8
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