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Economy in Brief

U.S. Case-Shiller Home Price Index Builds Forward Momentum
by Tom Moeller  May 28, 2013

Home price strength is quite uneven around the country this year, but improvement is apparent everywhere. The seasonally adjusted Case-Shiller 20 City Home Price Index gained 1.1% (10.9% y/y) during March following a little-revised 1.3% February rise. The 3-month annualized rate of increase of 14.9% was the strongest since late-2005. Home prices in the narrower 10 city group rose 1.4% in March (10.2% y/y). 

Home prices have risen in each metropolitan area with the strongest gains in Phoenix, San Francisco, Las Vegas, Atlanta, Detroit, Los Angeles, Portland and Minneapolis. Lagging the rest of the country have been home price gains in New York, Cleveland, Boston and Dallas.

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. 

Monetary Policy in a Low Policy Rate Environment from the Federal Reserve Bank of St. Louis can be found here.

 

S&P Case-Shiller Home Price Index (SA, %) Mar Feb Jan Mar
Y/Y
2012 2011 2010
20 City Composite Index 1.1 1.3 1.1 10.9 0.9 -3.9 1.3
Regional Indicators
Phoenix 1.8 1.9 2.0 22.5 13.9 -7.3 -0.3
San Francisco 2.6 2.3 2.3 22.2 3.5 -4.9 9.3
Las Vegas 3.2 1.9 1.8 20.6 -0.3 -6.5 -7.7
Atlanta 1.7 1.1 2.0 19.1 -7.8 -7.0 -2.4
Detroit 3.3 0.4 1.1 18.5 8.0 0.0 -3.4
Los Angeles 2.6 1.8 1.6 16.6 0.7 -3.4 5.3
Portland 2.6 1.5 1.2 12.8 1.7 -7.1 -3.2
Minneapolis 0.7 1.4 1.6 12.5 6.0 -8.2 3.2
San Diego 2.0 0.9 0.4 12.1 1.2 -4.4 7.3
Tampa 2.4 1.5 2.1 11.8 2.7 -6.6 -4.0
Miami 1.7 1.0 1.3 10.7 5.1 -4.9 -2.1
Seattle 2.6 0.5 1.2 10.6 2.1 -6.6 -3.6
Denver 0.9 1.0 1.1 9.8 4.5 -2.1 0.9
Chicago 1.5 1.3 0.8 7.8 -2.8 -6.8 -3.7
Washington, D.C. 2.3 0.1 0.5 7.7 2.1 -0.4 4.7
Dallas 0.8 0.8 0.9 6.8 3.2 -2.4 0.1
Boston 1.9 1.2 0.6 6.7 0.5 -2.0 1.9
Cleveland 0.4 0.3 0.8 4.8 -0.1 -4.3 0.7
New York 0.4 0.9 0.5 2.6 -2.3 -3.1 -1.5
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