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Economy in Brief

U.S. Case-Shiller Home Price Index Revisits Late-2006 Strength
by Tom Moeller  January 29, 2013

Back before the recession, home price appreciation was firm but decelerating. Now it's firm and accelerating. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 0.6% during November following a revised 0.6% October gain. The y/y gain of 5.5% was the quickest since September 2006. The narrower 10 City Composite Home Price Index rose 0.5% in November for the second consecutive month, and the 4.5% y/y rise was the quickest since June 2010.

November price appreciation during the last twelve months was most notable in Phoenix, San Francisco, Detroit, Minneapolis, Miami and Las Vegas, all of which showed double-digit gain. Lesser y/y increases were logged throughout the country although prices in New York continued downward.

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, %) Nov Oct Sep Nov
Y/Y
2011 2010 2009
20 City Composite Index 0.6 0.6 0.4 5.5% -3.9 1.3 -13.3
Regional Indicators
Atlanta 1.6 1.4 1.7 7.7 -7.0 -2.4 -11.6
Boston 0.1 -0.3 0.0 2.3 -2.0 1.9 -4.9
Chicago 0.1 -0.7 -1.2 0.8 -6.8 -3.7 -14.2
Cleveland -0.0 0.2 0.6 1.8 -4.3 0.7 -4.8
Dallas 0.8 0.3 0.9 5.8 -2.4 0.1 -2.3
Denver 1.1 0.6 1.0 7.8 -2.1 0.9 -2.8
Detroit 1.0 1.8 0.5 11.9 0.0 -3.4 -21.3
Las Vegas 1.0 2.4 1.2 10.0 -6.5 -7.7 -29.8
Los Angeles 0.8 1.2 0.9 7.7 -3.4 5.3 -15.4
Miami 0.7 0.4 0.3 10.0 -4.9 -2.1 -22.0
Minneapolis 1.9 0.5 0.9 11.1 -8.2 3.2 -15.7
New York -0.3 -0.5 0.2 -1.2 -3.1 -1.5 -9.8
Phoenix 1.5 1.3 1.3 22.8 -7.3 -0.3 -28.0
Portland 0.6 0.9 0.8 6.7 -7.2 -3.2 -12.8
San Diego 1.5 1.6 1.9 8.0 -4.4 7.3 -13.3
San Francisco 2.5 1.2 1.2 12.7 -4.9 9.3 -18.4
Seattle 1.1 0.3 0.5 7.5 -6.6 -3.6 -14.3
Tampa 0.4 0.1 -0.0 6.8 -6.6 -4.0 -18.8
Washington, D.C. 0.3 -0.0 -0.0 4.4 -0.4 4.7 -10.8
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