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Economy in Brief

U.S. Case-Shiller Home Price Index Improves With Higher Sales and Low Inventories
by Tom Moeller  February 26, 2013

Two factors can raise prices: Increased demand and/or lessened supply. Both were in place last year in the housing market. (See the Feb. 21st report on Haver.com) The seasonally adjusted Case-Shiller 20 City Home Price Index rose 6.9% during the twelve months ended in December, the strongest rise since mid-2006. The narrower 10 City Composite Home Price Index rose 6.0% y/y, also the quickest since 2006.

Home price appreciation during 2012 was most notable in Phoenix, San Francisco, Detroit, Minneapolis, Las Vegas and Miami, all of which showed double-digit gain. Lesser y/y increases were logged throughout the country with one exception. Home prices in New York were down 0.5% during the last twelve months and the 2.5% average shortfall in 2012 was sixth successive year of decline.

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. 

Semiannual Monetary Policy Report to the Congress by Fed Chairman Ben S. Bernanke can be found here.

 

S&P Case-Shiller Home Price Index (SA, %) Dec Nov Oct Dec
Y/Y
2012 2011 2010
20 City Composite Index 0.9 0.7 0.6 6.9 0.9 -3.9 1.3
Regional Indicators
Atlanta 0.9 1.7 1.3 10.0 -7.8 -7.0 -2.4
Boston 0.5 0.1 -0.3 3.6 0.5 -2.0 1.9
Chicago 0.4 0.3 -0.7 2.2 -2.8 -6.8 -3.7
Cleveland 0.6 0.1 0.3 2.9 -0.1 -4.3 0.7
Dallas 0.7 0.8 0.3 6.5 3.2 -2.4 0.1
Denver 0.8 1.2 0.6 8.5 4.5 -2.1 0.9
Detroit 0.4 1.1 1.8 13.7 7.8 0.0 -3.4
Las Vegas 2.0 1.1 2.4 12.9 -0.3 -6.5 -7.7
Los Angeles 1.7 0.8 1.2 10.2 0.7 -3.4 5.3
Miami 0.8 0.8 0.4 10.7 5.1 -4.9 -2.1
Minneapolis 1.3 1.7 0.5 12.2 6.0 -8.2 3.2
New York 0.2 -0.4 -0.4 -0.5 -2.5 -3.1 -1.5
Phoenix 1.5 1.5 1.3 23.0 13.9 -7.3 -0.3
Portland 0.0 0.6 0.9 6.5 1.7 -7.2 -3.2
San Diego 1.1 1.5 1.6 9.2 1.2 -4.4 7.3
San Francisco 1.6 2.4 1.4 14.4 3.5 -4.9 9.3
Seattle 0.7 1.0 0.3 8.2 2.1 -6.6 -3.6
Tampa 0.7 0.5 0.2 7.2 2.7 -6.6 -4.0
Washington, D.C. 0.8 0.2 0.0 5.8 2.1 -0.4 4.7
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