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Economy in Brief

U.S. Case-Shiller Home Price Index Is Still Rising
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
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