Global| Jun 30 2009Decline In Case-Shiller Home Price Index Eases
by:Tom Moeller
|in:Economy in Brief
Summary
S&P/Case-Shiller Home Price Composite Index of twenty metro-markets slipped just 0.9% during April versus March. The latest monthly decline was the smallest since late 2007; however, it still left prices 18.1% lower during the last [...]
The series dates back only to 2001. 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.
The Case-Shiller index of 20 U.S. cities and their
surrounding areas is weighted to reflect price changes due to extensive
remodeling, home additions 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, also fell a lessened 1.0% and was down 18.0% year-to-year. The measure also was down by nearly one-third since the 2006 peak.· Less Weak Regions: In Cleveland, Ohio prices ticked up slightly m/m (-10.5% y/y) and in Dallas prices rose slightly as well (5.0% y/y). Prices also rose 0.7% in Denver (-4.9% y/y). In addition, in Boston the monthly decline in prices moderated substantially (-7.7% y/y) and in Chicago home prices were roughly unchanged m/m (-18.7% y/y). In New York, the price decline showed little moderation (12.5% y/y), off roughly 20% from their 2006 peak. In Charlotte, North Carolina prices also continued down moderately (10.0% y/y.
Weakest
Regions: Home prices in Phoenix, Nevada were quite weak and
fell 35.3% y/y and in San Francisco prices fell a lessened 28.0% y/y.
However, they still were off by nearly one-half from their early-2006
peak. Home prices in Las Vegas, Nevada continued their rapid rate of
decline, 32.1% y/y, and also were down by roughly one half from their
peak. The rate of price decline in Miami eased slightly (27.3% y/y
while home prices in Los Angeles continued to fall sharply 21.2% y/y.
In Tampa, the rate of monthly price decline slowed slightly (-21.3%
y/y). In Detroit, the monthly rate of price decline also eased
considerably (-25.4% y/y) but was off by early one-half from the
peak.
Here is a link to the latest press release from Standard & Poor's. An overview of the S&P/Case-Shiller home price series can be found here.
The history of the Case-Shiller data is available in Haver's USECON database.
| S&P/Case-Shiller Home Price Index (SA, Jan 00 = 100) | March | February | Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| 20 City Composite Index | 140.10 | 141.36 | -18.1% | -15.8% | -3.8% | 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.
More Economy in Brief
