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Economy in Brief

U.S. Case-Shiller Home Price Index Y/Y Momentum Picks Up
by Tom Moeller  November 27, 2012

Not only are housing prices rising, but the rate of increase is firming. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 0.4% (3.0% y/y) during September, the same as in August. The y/y gain of 3.0% was the fastest rate of increase since early 2010 and followed last year's 3.9% drop. The narrower 10 City Composite Home Price Index increased 0.3% (2.1% y/y), the eighth rise in as many months.

Prices improved m/m during September across the country, notably in Atlanta, San Diego, Phoenix, Los Vegas, Dallas, Denver, Minneapolis and San Francisco. The strongest y/y price momentum was logged in Phoenix, Minneapolis, Detroit, Miami and San Francisco. Continuing lower y/y were prices in New York and Chicago. 

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. 

Housing Rebounds, but Forward-Looking Indicators Cause Concern from the Federal Reserve Bank of Dallas can be found here.

 

S&P Case-Shiller Home Price Index (SA, %) Sep Aug Jul Sep
Y/Y
2011 2010 2009
20 City Composite Index 0.4 0.4 0.3 3.0% -3.9 1.3 -13.3
Regional Indicators
Atlanta 1.7 1.7 0.8 0.1 -7.0 -2.4 -11.6
Boston 0.1 0.5 0.6 1.9 -2.0 1.9 -4.9
Chicago -0.7 -0.1 0.7 -1.6 -6.8 -3.7 -14.2
Cleveland 0.6 0.3 -0.4 1.5 -4.3 0.7 -4.8
Dallas 1.0 0.2 0.2 4.4 -2.4 0.1 -2.3
Denver 1.0 0.2 0.8 5.7 -2.1 0.9 -2.8
Detroit 0.4 0.5 1.3 7.6 0.0 -3.4 -21.3
Las Vegas 1.1 0.8 0.5 3.8 -6.5 -7.7 -29.8
Los Angeles 0.8 1.0 0.5 4.0 -3.4 5.3 -15.4
Miami 0.3 0.4 0.6 7.4 -4.9 -2.1 -22.0
Minneapolis 1.0 0.4 0.8 8.8 -8.2 3.2 -15.7
New York 0.3 -0.0 -0.1 -2.3 -3.1 -1.5 -9.8
Phoenix 1.3 1.4 1.4 20.4 -7.3 -0.3 -28.0
Portland 0.7 0.4 0.2 3.7 -7.2 -3.2 -12.8
San Diego 1.7 0.7 0.2 4.2 -4.4 7.3 -13.3
San Francisco 1.0 0.1 0.7 7.4 -4.9 9.3 -18.4
Seattle 0.5 -0.2 0.9 4.8 -6.6 -3.6 -14.3
Tampa 0.0 0.2 0.0 6.0 -6.6 -4.0 -18.8
Washington, D.C. 0.1 -0.0 0.0 3.2 -0.4 4.7 -10.8
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