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Economy in Brief

U.S. Case-Shiller Home Price Index Increase Slows Again
by Tom Moeller  September 24, 2013

The rate of home price inflation is continuing to ease. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 0.6% in July (12.4% y/y) following two months of 0.9% increase. It was the fourth consecutive month of lessened increase following the 1.9% jump during March. As a result, the 3-month annualized rate of increase fell to 10.1%, nearly half the gain this spring.. Home prices in the narrower 10 city group rose 0.7% in July (12.3% y/y). Not adjusted for normal seasonal variation, the Case-Shiller Home Price Index rose 1.8% after a 2.2% increase during June.

The lessened monthly gain in the composite price index reflected price declines in two major metropolitan area, Minneapolis and Cleveland. Monthly increases have been negligible in Charlotte and Washington, D.C. while prices have been unchanged for three months in Boston. 

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, %) Jul Jun May Jul
Y/Y
2012 2011 2010
20 City Composite Index 0.6 0.9 0.9 12.4 0.9 -3.9 1.3
Regional Indicators
Las Vegas 2.5 2.3 2.7 27.5 -0.3 -6.5 -7.7
San Francisco 1.3 1.8 2.0 24.8 3.5 -4.9 9.3
Los Angeles 1.5 1.6 1.4 20.8 0.7 -3.4 5.3
San Diego 1.5 2.2 2.5 20.4 1.2 -4.4 7.3
Phoenix 0.9 0.9 1.0 18.9 13.9 -7.3 -0.3
Atlanta 1.0 0.9 1.0 18.4 -7.8 -7.0 -2.4
Detroit 0.5 0.1 2.1 16.8 8.0 0.0 -3.4
Miami 0.5 1.2 1.6 13.7 5.1 -4.9 -2.1
Tampa 1.2 0.9 0.7 12.5 2.7 -6.6 -4.0
Seattle 1.3 0.9 1.4 12.4 2.1 -6.6 -3.6
Portland 0.5 1.0 0.6 12.2 1.7 -7.1 -3.2
Denver 1.0 0.4 0.6 9.7 4.5 -2.1 0.9
Minneapolis -0.7 -1.0 -0.5 9.4 6.0 -8.2 3.2
Dallas 0.7 0.4 0.6 8.5 3.2 -2.4 0.1
Chicago 1.0 -0.0 1.3 7.6 -2.8 -6.8 -3.7
Charlotte 0.2 0.3 0.3 7.5 1.7 -3.6 -3.4
Boston 0.0 -0.0 0.0 6.2 0.5 -2.0 1.9
Washington, D.C. 0.2 -0.2 0.3 5.9 2.1 -0.4 4.7
Cleveland -0.2 -0.1 -0.2 3.9 -0.1 -4.3 0.7
New York 0.1 0.5 0.5 3.4 -2.4 -3.1 -1.5
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