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Economy in Brief
German Orders Surge in June
German orders made a spectacular comeback in June...
U.S. ADP Nonfarm Private Payroll Gains Slow in July
Employment slowdown is broad-based last month...
U.S. ISM Services PMI Improves in July
Service sector activity is at highest level since February 2018...
U.S. Trade Deficit Narrows in June as Exports Jump 2X Imports
Trade Deficit declines to $50.7 billion in June....
Mortgage Applications Fall Despite Declining Rates
Mortgage applications decreased 5.1% in week ending July 31...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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 |
