Recent Updates

  • Germany: **Wholesale Trade Prices rebased from 2010=100 to 2015=100**
  • Germany: Wholesale Trade Prices (Aug), IFO Business Climate Survey (Sep), Price Indices for Owner-Occupied Housing (Q3)
  • Austria: New Orders, IP (Jul)
  • UKR: Scotland Supply for New Housing (2017)
  • France: INSEE Services Survey, Business Survey in Industry (Sep)
  • Poland: Wages & Employment, Coal Production, Wholesale Sales, Industrial New Orders (Aug), International Trade (Jul), Business Tendency Survey (Sep); Russia: Foreign Cash Flow
  • more updates...

Economy in Brief

U.S. Case-Shiller Home Price Index Strengthens Further
by Tom Moeller  July 30, 2013

Home price improvement remains the strongest since 2006. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 1.0% (12.1% y/y) during May following its unrevised 1.7% April advance. The 3-month annualized rate of increase of 20.6% was a record for the series which dates back to 2000. Home prices in the narrower 10 city group rose 1.1% in May (11.8% y/y). Unadjusted for normal seasonal variation, the Case-Shiller Home Price Index rose 2.4% after a 2.6% April increase. 

Home prices have risen in each metropolitan area with the strongest gains in San Francisco, Las Vegas, Phoenix, Atlanta, Detroit, Los Angeles and San Diego. Lagging the rest of the country have been home price gains in New York, Cleveland, Washington D.C., Boston, Dallas 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, %) May Apr Mar May
Y/Y
2012 2011 2010
20 City Composite Index 1.0 1.7 1.9 12.1 0.9 -3.9 1.3
Regional Indicators
San Francisco 2.0 2.7 3.7 24.4 3.5 -4.9 9.3
Las Vegas 2.4 2.3 3.1 23.2 -0.3 -6.5 -7.7
Phoenix 1.1 1.3 1.8 20.6 13.9 -7.3 -0.3
Atlanta 1.1 1.8 1.7 20.1 -7.8 -7.0 -2.4
Detroit 1.8 1.4 4.0 19.2 8.0 0.0 -3.4
Los Angeles 1.4 2.8 2.5 19.1 0.7 -3.4 5.3
San Diego 2.6 2.6 2.3 17.3 1.2 -4.4 7.3
Miami 1.7 2.5 2.0 14.2 5.1 -4.9 -2.1
Minneapolis -0.2 2.9 0.8 14.1 6.0 -8.2 3.2
Portland 0.5 1.5 2.6 12.4 1.7 -7.1 -3.2
Seattle 1.4 1.2 2.6 11.9 2.1 -6.6 -3.6
Tampa 0.7 0.9 2.4 10.9 2.7 -6.6 -4.0
Denver 0.6 0.6 0.8 9.7 4.5 -2.1 0.9
Chicago 1.5 1.7 1.8 8.5 -2.8 -6.8 -3.7
Dallas 0.6 0.9 0.9 7.6 3.2 -2.4 0.1
Boston 0.1 1.3 1.9 7.5 0.5 -2.0 1.9
Washington, D.C. 0.7 0.9 2.5 6.5 2.1 -0.4 4.7
Cleveland -0.5 0.0 0.7 3.4 -0.1 -4.3 0.7
New York 0.6 0.9 0.4 3.3 -2.4 -3.1 -1.5
close
large image