Global| Mar 27 2012U.S. Case-Shiller Home Price Index Continues Lower
by:Tom Moeller
|in:Economy in Brief
Summary
Whatever sign of improvement there may be in the latest home sales figures surely reflects price bargains. The seasonally adjusted Case-Shiller 20-City Home Price Index fell 0.8% in January following an unrevised 1.1% December [...]
Whatever sign of improvement there may be in the latest home sales
figures surely reflects price bargains. The seasonally adjusted
Case-Shiller 20-City Home Price Index fell 0.8% in January following an
unrevised 1.1% December decline. That pulled prices over the last twelve
months down 3.8% versus a like 3.9% decline for last year's average. The
narrower 10 City Composite Home Price Index ticked 0.1% lower during
January (-3.9% y/y).
There were signs of improved pricing in some markets including Phoenix, Miami, Dallas, Denver, Tampa and Washington D.C. Elsewhere prices continued lower with the greatest declines in Atlanta, Las Vegas, Chicago, San Diego and Los Angeles.
The Case-Shiller home price series is value-weighted, i.e., a greater index weight is assigned to more expensive homes. It is calculated using the "repeat sales method," where the item measured is the price change for a specific house compared to the price for that same house the last time it sold. In October, the national 20-city index covered 74,835 so-called "sale pairs". The nation-wide S&P/Case-Shiller home price indexes and sale pair counts can be found in Haver's USECON database, and the city data highlighted below are in the REGIONAL database.
| S&P Case-Shiller Home Price Index (SA, %) | Jan | Dec | Nov | Jan Y/Y |
2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | -0.8 | -1.1 | -1.3 | -3.8% | -3.9 | 1.2 | -13.3 |
| Regional Indicators | |||||||
| Atlanta | -1.1 | -1.5 | -1.1 | -14.8 | -7.0 | -2.4 | -11.6 |
| Boston | 0.0 | -0.7 | -0.5 | -2.8 | -2.0 | 1.9 | -4.9 |
| Chicago | -0.5 | -1.0 | -2.1 | -6.6 | -6.8 | -3.7 | -14.2 |
| Cleveland | -0.7 | -0.1 | -0.2 | -3.3 | -4.3 | 0.7 | -4.8 |
| Dallas | 0.4 | 0.2 | -0.3 | -1.2 | -2.4 | 0.1 | -2.3 |
| Denver | 0.7 | 0.1 | 0.4 | 0.2 | -2.1 | 0.9 | -2.8 |
| Detroit | -0.4 | -2.5 | -0.6 | 1.7 | -0.1 | -3.4 | -21.3 |
| Las Vegas | -0.0 | -0.5 | -0.8 | -9.1 | -6.5 | -7.7 | -29.8 |
| Los Angeles | -0.2 | -0.5 | -0.7 | -5.4 | -3.4 | 5.3 | -15.4 |
| Miami | 1.2 | 0.3 | -0.8 | -1.9 | -4.9 | -2.1 | -22.0 |
| Minneapolis | 1.1 | -0.0 | 0.4 | -1.7 | -8.2 | 3.2 | -15.7 |
| New York | -0.4 | -1.0 | -0.8 | -2.8 | -3.1 | -1.5 | -9.8 |
| Phoenix | 2.0 | 1.4 | 0.7 | 1.2 | -7.3 | -0.3 | -28.0 |
| Portland | -0.6 | 0.0 | -1.1 | -4.3 | -7.2 | -3.2 | -12.8 |
| San Diego | -0.3 | -0.1 | -0.4 | -5.3 | -4.4 | 7.3 | -13.3 |
| San Francisco | -0.6 | 0.0 | -1.1 | -5.9 | -4.9 | 9.3 | -18.4 |
| Seattle | 0.8 | -0.1 | -0.6 | -3.9 | -6.6 | -3.6 | -14.3 |
| Tampa | 0.4 | 0.3 | -0.6 | -3.7 | -6.6 | -4.0 | -18.8 |
| Washington, D.C. | 1.7 | -0.5 | -0.0 | -0.6 | -0.4 | 4.7 | -10.8 |
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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