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Economy in Brief

U.S. Case-Shiller Home Price Index Continues To Strengthen
by Tom Moeller  June 25, 2013

Home price strength is building throughout the country. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 1.7% (12.0% y/y) during April following its upwardly revised 1.9% March jump, earlier reported as 1.1%. The 3-month annualized rate of increase of 21.5% was a record for the series which dates back to 2000. Home prices in the narrower 10 city group rose 1.8% in April (11.6% y/y). 

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

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, %) Apr Mar Feb Apr
Y/Y
2012 2011 2010
20 City Composite Index 1.7 1.9 1.3 12.0 0.9 -3.9 1.3
Regional Indicators
San Francisco 2.7 3.6 2.0 23.9 3.5 -4.9 9.3
Las Vegas 2.3 3.0 2.0 22.2 -0.3 -6.5 -7.7
Phoenix 1.4 1.8 1.9 21.4 13.9 -7.3 -0.3
Atlanta 1.9 1.7 1.1 20.8 -7.8 -7.0 -2.4
Detroit 0.7 3.8 0.2 19.9 8.0 0.0 -3.4
Los Angeles 2.7 2.5 1.9 18.7 0.7 -3.4 5.3
Minneapolis 2.7 0.9 1.5 14.8 6.0 -8.2 3.2
San Diego 2.8 2.1 0.8 14.7 1.2 -4.4 7.3
Portland 1.5 2.5 1.6 12.9 1.7 -7.1 -3.2
Miami 2.6 2.1 0.8 12.9 5.1 -4.9 -2.1
Seattle 1.2 2.6 0.5 11.4 2.1 -6.6 -3.6
Tampa 1.1 2.3 1.5 11.3 2.7 -6.6 -4.0
Denver 0.7 0.9 1.0 9.9 4.5 -2.1 0.9
Chicago 1.1 1.7 1.3 9.4 -2.8 -6.8 -3.7
Boston 1.3 1.9 1.2 8.1 0.5 -2.0 1.9
Dallas 1.0 0.9 0.8 7.4 3.2 -2.4 0.1
Washington, D.C. 0.9 2.5 0.1 7.2 2.1 -0.4 4.7
Cleveland 0.1 0.8 0.4 4.8 -0.1 -4.3 0.7
New York 0.9 0.4 0.9 3.2 -2.4 -3.1 -1.5
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