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Economy in Brief

U.S. Case-Shiller Home Price Index Strengthens
by Tom Moeller  March 26, 2013

The seasonally adjusted Case-Shiller 20 City Home Price Index increased 1.0% (8.1% y/y) during January after a 0.9% December gain. The last two  monthly increases were the strongest since the spring of last year. Home prices in the narrower 10 city group rose 1.0% (7.3% y/y) in January. 

Home prices have risen in each metropolitan area versus last year with the strongest gains in Phoenix, San Francisco, Las Vegas, Detroit, Atlanta, Los Angeles, Minneapolis, and Miami. Each showed double-digit gain with lesser y/y increases logged throughout the country. Lagging the rest of the country has been the gain in home prices in New York which inched up just 0.7% y/y.

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. 

The Economic Outlook and the Role of Monetary Policy is the title of N.Y. Fed President and CEO William C. Dudley's comments and they are available here.

 

S&P Case-Shiller Home Price Index (SA, %) Jan Dec Nov Jan
Y/Y
2012 2011 2010
20 City Composite Index 1.0 0.9 0.6 8.1 0.9 -3.9 1.3
Regional Indicators
Atlanta 1.8 0.9 1.7 13.4 -7.8 -7.0 -2.4
Boston 0.4 0.6 0.2 4.0 0.5 -2.0 1.9
Chicago 0.6 0.5 0.4 3.4 -2.8 -6.8 -3.7
Cleveland 0.9 0.6 0.1 4.8 -0.1 -4.3 0.7
Dallas 0.9 0.7 0.9 7.0 3.2 -2.4 0.1
Denver 1.1 0.8 1.2 9.1 4.5 -2.1 0.9
Detroit 0.2 1.0 1.1 13.9 7.8 0.0 -3.4
Las Vegas 1.7 2.2 1.1 15.2 -0.3 -6.5 -7.7
Los Angeles 1.5 1.9 0.7 12.1 0.7 -3.4 5.3
Miami 1.2 1.0 0.9 10.8 5.1 -4.9 -2.1
Minneapolis 1.4 1.2 1.8 12.1 6.0 -8.2 3.2
New York 0.6 0.2 -0.5 0.7 -2.5 -3.1 -1.5
Phoenix 1.9 1.6 1.5 23.2 13.9 -7.3 -0.3
Portland 0.9 0.0 0.6 8.3 1.7 -7.2 -3.2
San Diego 0.4 1.0 1.5 9.8 1.2 -4.4 7.3
San Francisco 1.9 1.7 2.4 17.4 3.5 -4.9 9.3
Seattle 1.1 0.7 1.0 8.7 2.1 -6.6 -3.6
Tampa 1.7 0.9 0.6 8.9 2.7 -6.6 -4.0
Washington, D.C. 0.4 0.8 0.2 6.0 2.1 -0.4 4.7
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