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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
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 |
