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Economy in Brief

U.S. Case-Shiller Home Price Index Advances Again
by Tom Moeller  July 31, 2012

Improvement in housing activity is helping pricing power. The seasonally adjusted Case-Shiller 20-City Home Price Index rose another 0.9% (-0.7% y/y) during May. That added to its little-revised 0.7% April rise. The narrower 10 City Composite Home Price Index also rose 0.9% (-1.0% y/y), the third gain in as many months.

Prices in most markets improved m/m during May, notably in Chicago, Atlanta, Las Vegas, Phoenix, San Francisco and Washington, D.C. Losing momentum were prices in Detroit, Dallas, San Diego and New York.

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 database.

 

S&P Case-Shiller Home Price Index (SA, %) May Apr Mar May
Y/Y
2011 2010 2009
20 City Composite Index 0.9 0.7 0.8 -0.7% -3.9 1.3 -13.3
Regional Indicators
Atlanta 2.0 1.0 -0.6 -14.6 -7.0 -2.4 -11.6
Boston 0.7 -0.0 0.8 -0.1 -2.0 1.9 -4.9
Chicago 2.3 0.1 -0.7 -3.0 -6.8 -3.7 -14.2
Cleveland 0.7 0.6 0.9 -0.0 -4.3 0.7 -4.8
Dallas 0.5 0.5 1.4 3.8 -2.4 0.1 -2.3
Denver 0.8 0.5 1.1 3.6 -2.1 0.9 -2.8
Detroit -0.1 -2.0 -0.9 0.7 -0.0 -3.4 -21.3
Las Vegas 1.9 1.0 0.7 -3.2 -6.5 -7.7 -29.8
Los Angeles 1.1 1.2 0.6 -2.0 -3.4 5.3 -15.4
Miami 0.7 1.1 1.9 3.4 -4.9 -2.1 -22.0
Minneapolis 0.7 1.3 0.8 4.7 -8.2 3.2 -15.7
New York 0.6 0.3 -0.0 -2.9 -3.1 -1.5 -9.8
Phoenix 1.8 2.3 2.7 11.5 -7.3 -0.3 -28.0
Portland 0.9 1.2 -0.1 0.4 -7.2 -3.2 -12.8
San Diego 0.3 0.6 0.5 -1.1 -4.4 7.3 -13.3
San Francisco 1.7 1.6 1.1 0.6 -4.9 9.3 -18.4
Seattle 1.2 0.6 2.0 0.6 -6.6 -3.6 -14.3
Tampa 1.0 1.5 1.4 2.5 -6.6 -4.0 -18.8
Washington, D.C. 1.4 1.4 1.8 2.8 -0.4 4.7 -10.8
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