Global| Jun 29 2010Case-Shiller Home Price Index Improves
by:Tom Moeller
|in:Economy in Brief
Summary
Home prices improved during April. Seasonally adjusted, the Case-Shiller Home Price Index inched up 0.4% from March after two months of slight decline. However, home prices remain depressed and have fallen 29.1% since the May 2006 [...]
Home prices improved during April. Seasonally adjusted, the Case-Shiller Home
Price Index inched up 0.4% from March after two months of slight decline.
However, home prices remain depressed and have fallen 29.1% since the May 2006
peak. Moreover, home prices in April may have been buoyed by the $8,000
home-buyer Federal tax credit which is about to expire. The narrower 10
City Composite Home Price Index rose a seasonally adjusted 0.3% during April.
Over the last year prices rose 4.7%.
The performance of home prices continued to vary around the country. During April the 12-month gain in prices was strongest in the West where in San Francisco it totaled 18.1% and 11.8% in San Diego. Lesser annual gains were logged in Minneapolis (9.6%), Los Angeles (7.9%), Washington D.C. (7.3%), Cleveland (6.9%) and Phoenix (5.5%). Prices also rose in Boston (4.9%), Denver (4.4%), Dallas (3.3%) and Atlanta (0.3%). Widespread, though lessened, price declines continued in Detroit (-2.9%), Charlotte (-2.2%), Seattle (-2.8%), New York (-1.0%) and Portland (-0.4%).
The Case-Shiller home price series are value-weighted, i.e., a greater index weight is assigned to more expensive homes. The S&P/Case-Shiller home price series can be found in Haver's USECON database and the city data highlighted below is in the REGIONAL database.
It's Greek to Me is the title of yesterday's speech by Fed Governor Kevin Warsh and it can be found here.
| S&P/Case-Shiller Home Price Index (SA) | April m/m | March m/m | February m/m | April y/y | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.4% | -0.2% | -0.1% | 3.8% | -13.3% | -15.7% | -3.8% | |
| Regional Indicators | ||||||||
| Atlanta | 0.9 | -1.4 | -0.7 | 0.3 | -11.6 | -8.5 | 0.7 | |
| Boston | 0.5 | 0.4 | -0.4 | 4.9 | -4.9 | -5.7 | -4.0 | |
| Chicago | 1.0 | -2.4 | -1.0 | -1.5 | -14.2 | -10.0 | -1.0 | |
| Dallas | 0.6 | 0.3 | -1.3 | 3.3 | -2.3 | -3.3 | 0.5 | |
| Denver | 0.6 | 1.1 | -0.4 | 4.4 | -2.8 | -4.9 | -1.7 | |
| Los Angeles | 0.8 | -0.4 | 0.1 | 7.9 | -15.4 | -24.2 | -5.2 | |
| New York | -0.1 | -0.2 | -0.1 | -1.0 | -9.8 | -7.4 | -2.8 | |
| San Francisco | 1.1 | 1.8 | 0.2 | 18.1 | -18.4 | -24.3 | -4.5 | |
| Tampa | 0.3 | 0.5 | -0.4 | -2.3 | -18.8 | -19.2 | -7.6 | |
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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