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Economy in Brief

U.S. Case-Shiller Home Price Index Posts Stronger Increase
by Tom Moeller  April 30, 2013

Home prices are generating improved upward momentum throughout the country. The seasonally adjusted Case-Shiller 20 City Home Price Index increased 1.2% (9.4% y/y) during February and built on a 1.0% January rise. The 3-month annualized rate of increase of 13.4% was the strongest since late-2005. Home prices in the narrower 10 city group rose 1.2% (8.6% y/y) in February. 

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 have been home price gains in Boston, Chicago, Cleveland and New York.

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, %) Feb Jan Dec Feb
Y/Y
2012 2011 2010
20 City Composite Index 1.2 1.0 0.9 9.4 0.9 -3.9 1.3
Regional Indicators
Atlanta 1.1 1.9 0.9 16.5 -7.8 -7.0 -2.4
Boston 1.1 0.5 0.6 5.3 0.5 -2.0 1.9
Chicago 1.2 0.7 0.6 5.2 -2.8 -6.8 -3.7
Cleveland 0.3 0.8 0.6 5.3 -0.1 -4.3 0.7
Dallas 0.8 0.9 0.7 7.1 3.2 -2.4 0.1
Denver 1.0 1.1 0.8 9.9 4.5 -2.1 0.9
Detroit 0.5 0.9 1.2 15.2 8.0 0.0 -3.4
Las Vegas 2.0 1.8 2.1 17.6 -0.3 -6.5 -7.7
Los Angeles 1.8 1.5 1.9 14.1 0.7 -3.4 5.3
Miami 0.9 1.2 1.0 10.4 5.1 -4.9 -2.1
Minneapolis 1.3 1.4 1.2 12.0 6.0 -8.2 3.2
New York 0.5 0.3 0.0 2.0 -2.3 -3.1 -1.5
Phoenix 1.8 2.0 1.6 23.0 13.9 -7.3 -0.3
Portland 1.4 1.3 -0.1 9.4 1.7 -7.2 -3.2
San Diego 0.8 0.4 1.0 10.2 1.2 -4.4 7.3
San Francisco 1.8 2.1 1.7 19.0 3.5 -4.9 9.3
Seattle 0.5 1.0 0.7 9.3 2.1 -6.6 -3.6
Tampa 1.4 2.3 0.7 10.1 2.7 -6.6 -4.0
Washington, D.C. 0.3 0.5 0.8 6.9 2.1 -0.4 4.7
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