Global| Aug 26 2008Case-Shiller Home Price Index Down 15.9%
by:Tom Moeller
|in:Economy in Brief
Summary
The S&P/Case-Shiller Composite 20 home price index during June fell 0.5% from May after a revised 0.9% drop during that month. Since the peak in July 2006 prices have fallen 18.8% and by 15.9% during the last twelve months. The series [...]
The S&P/Case-Shiller Composite 20 home price index during June fell 0.5% from May after a revised 0.9% drop during that month. Since the peak in July 2006 prices have fallen 18.8% and by 15.9% during the last twelve months. The series dates back only to 2000.
The Case-Shiller index of 20 U.S. cities and their surrounding
areas is weighted to reflect price changes due to extensive remodeling,
adding a home addition or extreme neglect. For example, smaller weights
are assigned to sales of homes that have undergone extensive remodeling.
The Case-Shiller composite index of homes in 10 metropolitan areas, which has a longer history and dates back to 1987, fell 0.6% in June, down 17.0% year-to-year.
Home prices in Las Vegas, Nevada continued to fall and they were down 28.6% y/y. Prices in Miami also were off 28.3% and home prices in Los Angeles fell 25.3%. In San Diego prices fell 24.2% y/y and they were down 23.7% in San Francisco. Prices in Tampa Florida posted a 20.1% y/y decline.
In New York prices fell a lesser 7.3% and they were down 5.2% in Boston. In Dallas prices also were off a modest 3.2% and by only 1.0% in Charlotte, North Carolina. In Seattle Washington prices fell 7.1% and they were down 8.1% in Atlanta.
The S&P/Case-Shiller home price series can be found in Haver's USECON database but the city data is in the REGIONAL database.
The latest press release from Standard & Poor's can be found here.
An overview of the S&P/Case-Shiller home price series can be found here.
How Much Have U.S. House Prices Fallen? from the Federal Reserve Bank of St. Louis is available here.
| S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) | June | May | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| 20 City Composite Index | 167.69 | 168.54 | -15.9% | -3.8% | 7.6% | 15.8% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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