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Economy in Brief

U.S. Case-Shiller Home Price Index Increase Eases Again
by Tom Moeller  August 27, 2013

Home price inflation eased further in June. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 0.9% (12.1% y/y) on a seasonally adjusted basis after a 1.0% May gain. It was the third consecutive month of lessened increase following the 1.9% March jump. The result was to drop the 3-month annualized rate of increase to 15.3% from its record 20.2% recorded in March. Home prices in the narrower 10 city group rose 1.1% in June (11.9% y/y). Not adjusted for normal seasonal variation, the Case-Shiller Home Price Index rose 2.2% in June after a 2.5% May increase.

The lessened monthly gain in the composite price index reflected price declines in five major metropolitan areas including Detroit, Minneapolis, Boston, Washington, D.C. and Cleveland. Lessened monthly gains were logged in most other cities with the exceptions of Los Angeles, Portland and Tampa.

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, %) Jun May Apr Jun
Y/Y
2012 2011 2010
20 City Composite Index 0.9 1.0 1.7 12.1 0.9 -3.9 1.3
Regional Indicators
Las Vegas 2.2 2.6 2.4 24.9 -0.3 -6.5 -7.7
San Francisco 1.9 2.0 2.7 24.5 3.5 -4.9 9.3
Los Angeles 1.6 1.4 2.8 19.9 0.7 -3.4 5.3
Phoenix 0.9 1.1 1.3 19.8 13.9 -7.3 -0.3
San Diego 2.2 2.5 2.7 19.3 1.2 -4.4 7.3
Atlanta 1.0 1.1 1.9 19.0 -7.8 -7.0 -2.4
Detroit -1.4 2.4 1.7 16.4 8.0 0.0 -3.4
Miami 1.3 1.6 2.5 14.8 5.1 -4.9 -2.1
Portland 1.1 0.6 1.4 11.8 1.7 -7.1 -3.2
Seattle 0.9 1.4 1.2 11.8 2.1 -6.6 -3.6
Minneapolis -1.1 -0.4 3.0 11.5 6.0 -8.2 3.2
Tampa 0.8 0.7 0.8 11.1 2.7 -6.6 -4.0
Denver 0.3 0.6 0.6 9.4 4.5 -2.1 0.9
Dallas 0.4 0.6 0.9 8.0 3.2 -2.4 0.1
Chicago 0.3 1.5 1.6 7.3 -2.8 -6.8 -3.7
Boston -0.2 0.2 1.3 6.7 0.5 -2.0 1.9
Washington, D.C. -0.2 0.4 0.9 5.7 2.1 -0.4 4.7
Cleveland -0.1 -0.3 0.0 3.5 -0.1 -4.3 0.7
New York 0.5 0.6 0.9 3.3 -2.4 -3.1 -1.5
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