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Economy in Brief

U.S. Home Prices Remain Under Pressure
by Tom Moeller  May 29, 2012

The seasonally adjusted Case-Shiller 20-City Home Price Index ticked up 0.1% during March following an unrevised 0.2% February rise. The latest figure eased the year-to-year change to -2.6%, an improvement versus last year's 3.9% rate of decline. The narrower 10 City Composite Home Price Index edged up another 0.1% during March (-2.8% y/y).

In many markets home prices rose y/y including Phoenix, Minneapolis, Miami, Denver, Detroit and Dallas. These gains were offset, however, by continued price declines in Atlanta, Las Vegas, Chicago, Los Angeles, Portland, San Diego, San Francisco, New York, Cleveland and Seattle.

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 REGIONAL

Conducting Monetary Policy: Rules, Learning and Risk Management from the Federal Reserve Bank of New York can be found here.

S&P Case-Shiller Home Price Index (SA, %) Mar Feb Jan Mar
Y/Y
2011 2010 2009
20 City Composite Index 0.1 0.2 -0.1 -2.6 -3.9 1.3 -13.3
Regional Indicators
Atlanta -0.4 -2.0 -1.1 -17.7 -7.0 -2.4 -11.6
Boston 0.7 -0.0 0.1 -0.9 -2.0 1.9 -4.9
Chicago -0.6 -0.7 -0.4 -6.9 -6.8 -3.7 -14.2
Cleveland 0.7 -0.2 -0.9 -2.5 -4.3 0.7 -4.8
Dallas 1.4 0.6 0.6 1.5 -2.4 0.1 -2.3
Denver 1.1 0.3 0.7 2.6 -2.1 0.9 -2.8
Detroit -2.1 0.1 0.6 2.4 -0.0 -3.4 -21.3
Las Vegas 0.5 0.1 -0.1 -7.5 -6.5 -7.7 -29.8
Los Angeles 0.4 0.0 -0.1 -4.8 -3.4 5.3 -15.4
Miami 1.9 1.4 1.2 2.6 -4.9 -2.1 -22.0
Minneapolis 0.8 1.2 1.2 3.4 -8.2 3.2 -15.7
New York -0.2 -0.4 -0.6 -2.7 -3.1 -1.5 -9.8
Phoenix 2.7 2.2 2.2 6.1 -7.3 -0.3 -28.0
Portland -0.0 0.6 -0.6 -2.7 -7.2 -3.2 -12.8
San Diego 0.1 0.6 -0.2 -2.7 -4.4 7.3 -13.3
San Francisco 0.7 1.1 -0.8 -3.0 -4.9 9.3 -18.4
Seattle 1.9 -0.4 0.8 -1.3 -6.6 -3.6 -14.3
Tampa 1.6 0.8 0.4 -0.9 -6.6 -4.0 -18.8
Washington, D.C. 1.6 -0.4 0.3 -0.5 -0.4 4.7 -10.8
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