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Economy in Brief
Chicago Fed National Activity Index Points to Below Trend Growth in Q4
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by Tom Moeller September 25, 2012
Housing prices are on the rise throughout the country. The seasonally adjusted Case-Shiller 20-City Home Price Index rose 0.4% (1.1% y/y) during July. That added to an unrevised 0.9% June increase. The gain in prices follows last year's 3.9% drop. The narrower 10 City Composite Home Price Index also gained 0.4% (0.6% y/y), the sixth gain in as many months.
Prices improved m/m during July across the country, notably in Phoenix, Detroit, Atlanta, San Francisco, Seattle, Chicago, Denver, Minneapolis 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, %) | Jul | Jun | May | Jul Y/Y |
2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.4 | 0.9 | 1.0 | 1.1% | -3.9 | 1.3 | -13.3 |
| Regional Indicators | |||||||
| Atlanta | 1.1 | 2.5 | 1.8 | -10.1 | -7.0 | -2.4 | -11.6 |
| Boston | 0.7 | 0.6 | 0.7 | 0.9 | -2.0 | 1.9 | -4.9 |
| Chicago | 0.8 | 1.6 | 3.0 | -1.1 | -6.8 | -3.7 | -14.2 |
| Cleveland | -0.4 | 0.3 | 0.6 | 0.4 | -4.3 | 0.7 | -4.8 |
| Dallas | 0.1 | -0.1 | 0.4 | 3.6 | -2.4 | 0.1 | -2.3 |
| Denver | 0.8 | 0.4 | 0.8 | 5.4 | -2.1 | 0.9 | -2.8 |
| Detroit | 1.4 | 2.5 | 3.4 | 6.2 | 0.0 | -3.4 | -21.3 |
| Las Vegas | 0.5 | 1.1 | 1.8 | -0.9 | -6.5 | -7.7 | -29.8 |
| Los Angeles | 0.5 | 1.0 | 1.1 | 0.4 | -3.4 | 5.3 | -15.4 |
| Miami | 0.6 | 0.7 | 0.7 | 5.3 | -4.9 | -2.1 | -22.0 |
| Minneapolis | 0.8 | 1.1 | 0.6 | 6.3 | -8.2 | 3.2 | -15.7 |
| New York | 0.0 | 0.6 | 0.6 | -2.7 | -3.1 | -1.5 | -9.8 |
| Phoenix | 1.4 | 1.5 | 1.8 | 16.6 | -7.3 | -0.3 | -28.0 |
| Portland | 0.3 | 1.7 | 1.0 | 3.2 | -7.2 | -3.2 | -12.8 |
| San Diego | 0.1 | 0.4 | 0.2 | 0.8 | -4.4 | 7.3 | -13.3 |
| San Francisco | 0.9 | 1.7 | 1.8 | 4.7 | -4.9 | 9.3 | -18.4 |
| Seattle | 0.8 | 0.9 | 1.3 | 3.0 | -6.6 | -3.6 | -14.3 |
| Tampa | 0.1 | 0.7 | 1.1 | 3.6 | -6.6 | -4.0 | -18.8 |
| Washington, D.C. | 0.5 | 0.4 | 1.5 | 3.6 | -0.4 | 4.7 | -10.8 |
