Global| Jul 27 2010Case-Shiller Home Price Index Ticks Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Modest improvement in home prices again was apparent during May. Too much should not be made of it, however, since "improvement" means stability after earlier declines. Seasonally adjusted, the Case-Shiller Home Price Index inched up [...]
Modest improvement in home prices again was apparent during May. Too much should not be made of it, however, since "improvement" means stability after earlier declines. Seasonally adjusted, the Case-Shiller Home Price Index inched up another 0.5% from April, roughly the same as during the prior month. Even though prices probably were boosted by the now-expired $8,000 home-buyer Federal tax credit, prices have moved up just 1.1% since December; 4.6% since the low in May '09. The narrower 10 City Composite Home Price Index rose a seasonally adjusted 0.5% (5.4% y/y), repeating April's increase.
The performance of home prices continued to vary around the country. During May the 12-month gain in prices was strongest in the West. In San Francisco prices rose 18.4% y/y, in San Diego by 12.5% and by 11.7% in Minneapolis. Prices were up less in Los Angeles (9.8%), Washington D.C. (7.5%), and Phoenix (7.2%). Prices also rose in Boston (4.9%), Denver (3.6%), Dallas (2.9%), Atlanta (1.7%) and Portland (0.7%). Widespread, though reduced, price declines continued in Charlotte (-2.9%), Detroit (-2.5%), Seattle (-1.4%) and New York (-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.
| S&P/Case-Shiller Home Price Index (SA) | May m/m | April m/m | March m/m | May y/y | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.5% | 0.6% | -0.2% | 4.6% | -13.3% | -15.7% | -3.8% |
| Regional Indicators | |||||||
| Atlanta | 1.1 | 1.1 | -1.5 | 1.7 | -11.6 | -8.5 | 0.7 |
| Boston | 0.3 | 0.6 | 0.4 | 4.9 | -4.9 | -5.7 | -4.0 |
| Chicago | 0.3 | 0.9 | -2.2 | -1.4 | -14.2 | -10.0 | -1.0 |
| Dallas | 0.3 | 0.7 | 0.2 | 2.9 | -2.3 | -3.3 | 0.5 |
| Denver | -0.4 | 0.6 | 1.1 | 3.6 | -2.8 | -4.9 | -1.7 |
| Los Angeles | 0.8 | 0.7 | -0.3 | 9.8 | -15.4 | -24.2 | -5.2 |
| New York | 0.6 | 0.0 | -0.2 | -0.4 | -9.8 | -7.4 | -2.8 |
| San Francisco | 0.7 | 1.5 | 1.4 | 18.4 | -18.4 | -24.3 | -4.5 |
| Tampa | 0.3 | 0.3 | 0.5 | -1.4 | -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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