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Economy in Brief

U.S. Case-Shiller Home Price Index Is Still Rising
by Tom Moeller  August 28, 2012

The recovery in housing markets continues to bolster prices.  The seasonally adjusted Case-Shiller 20-City Home Price Index rose 0.9% (0.5% y/y) during June. That added to its little revised 1.0% May increase. The gain in prices follows last year's 3.9% drop. The narrower 10 City Composite Home Price Index increased 1.0% (0.1% y/y), the fourth strong gain in as many months.

Prices in most markets improved m/m during June, notably in Detroit, Atlanta, Chicago, Portland, San Francisco, Phoenix and Minneapolis. Losing momentum were prices in Dallas, Cleveland, Denver, Tampa, Washington, D.C., San Diego and Boston. 

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, %) Jun May Apr Jun
Y/Y
2011 2010 2009
20 City Composite Index 0.9 1.0 0.8 0.5% -3.9 1.3 -13.3
Regional Indicators
Atlanta 2.3 1.8 0.9 -12.2 -7.0 -2.4 -11.6
Boston 0.5 0.7 0.0 -0.0 -2.0 1.9 -4.9
Chicago 1.7 2.9 0.3 -1.8 -6.8 -3.7 -14.2
Cleveland 0.3 0.7 0.8 0.8 -4.3 0.7 -4.8
Dallas -0.1 0.4 0.4 3.6 -2.4 0.1 -2.3
Denver 0.4 0.8 0.5 4.0 -2.1 0.9 -2.8
Detroit 3.6 -1.4 -0.7 2.3 0.0 -3.4 -21.3
Las Vegas 1.1 1.7 1.1 -1.8 -6.5 -7.7 -29.8
Los Angeles 1.0 1.1 1.3 -0.7 -3.4 5.3 -15.4
Miami 0.7 0.7 1.1 4.4 -4.9 -2.1 -22.0
Minneapolis 1.2 0.7 1.3 5.6 -8.2 3.2 -15.7
New York 0.8 0.6 0.3 -2.1 -3.1 -1.5 -9.8
Phoenix 1.5 1.8 2.3 13.9 -7.3 -0.3 -28.0
Portland 1.7 1.0 1.0 3.0 -7.2 -3.2 -12.8
San Diego 0.4 0.2 0.6 -0.2 -4.4 7.3 -13.3
San Francisco 1.7 1.8 1.7 3.0 -4.9 9.3 -18.4
Seattle 1.0 1.3 0.5 1.7 -6.6 -3.6 -14.3
Tampa 0.7 1.1 1.5 3.3 -6.6 -4.0 -18.8
Washington, D.C. 0.7 1.5 1.4 3.8 -0.4 4.7 -10.8
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