Global| Apr 29 2008Case-Shiller Home Price Index Posts 12.7% y/y Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The S&P/Case-Shiller Composite 20 home price index fell 2.7% m/m in February and that followed declines of similar magnitude during the prior three months. This index of U.S. home prices has fallen in each month since its peak in July [...]
The S&P/Case-Shiller Composite 20 home price index fell 2.7% m/m in February and that followed declines of similar magnitude during the prior three months. This index of U.S. home prices has fallen in each month since its peak in July of 2006 and the decline totals 14.8% during that period. The series dates back only to 2000.
The index of 20 U.S. cities and their surrounding areas is not
adjusted for the quality or the size of a home. The home price index
from the Office of Federal Housing Enterprise Oversight (OFHEO) does
make these adjustments. This series indicates that during the fourth
quarter of 2007 house prices rose a negligible 0.8% y/y, the weakest
gain since 1990.
The Case-Shiller composite index of homes in 10 metropolitan areas fell 2.8% (-13.6% y/y) in February. This series dates back to 1987.
Home prices in Las Vegas Nevada were quite weak and fell 22.8% y/y while prices in Miami were off 21.7%. Home prices also fell a sharp 19.2% y/y in San Diego, where they are off by one quarter from their 2006 peak, and in Los Angeles prices fell 19.4% y/y.
Relatively moderate declines were again registered in New York (-6.6% y/y), Chicago (-8.5% y/y), Denver (-5.5% y/y), Seattle (-2.7% y/y) and Dallas (-4.1% y/y).
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.
The S&P/Case-Shiller home price series can be found in Haver's REGIONAL database.
| S&P/Case-Shiller Home Price Index (NSA, Jan 00 = 100) | February | January | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| 20 City Composite Index | 175.94 | 180.75 | -12.7% | -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.
More Economy in Brief
