Global| Aug 27 2013U.S. Case-Shiller Home Price Index Increase Eases Again
by:Tom Moeller
|in:Economy in Brief
Summary
Home price inflation eased further in June. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 0.9% (12.1% y/y) on a seasonally adjusted basis after a 1.0% May gain. It was the third consecutive month of lessened [...]
Home price inflation eased further in June. The seasonally adjusted Case-Shiller 20 City Home Price Index rose 0.9% (12.1% y/y) on a seasonally adjusted basis after a 1.0% May gain. It was the third consecutive month of lessened increase following the 1.9% March jump. The result was to drop the 3-month annualized rate of increase to 15.3% from its record 20.2% recorded in March. Home prices in the narrower 10 city group rose 1.1% in June (11.9% y/y). Not adjusted for normal seasonal variation, the Case-Shiller Home Price Index rose 2.2% in June after a 2.5% May increase.
The lessened monthly gain in the composite price index reflected price declines in five major metropolitan areas including Detroit, Minneapolis, Boston, Washington, D.C. and Cleveland. Lessened monthly gains were logged in most other cities with the exceptions of Los Angeles, Portland and Tampa.
The Case-Shiller home price series is value-weighted, i.e., a greater index weight is assigned to more expensive homes. It is a three-month moving average and 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. The nation-wide S&P/Case-Shiller home price indexes 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, %) | Jun | May | Apr | Jun Y/Y |
2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.9 | 1.0 | 1.7 | 12.1 | 0.9 | -3.9 | 1.3 |
| Regional Indicators | |||||||
| Las Vegas | 2.2 | 2.6 | 2.4 | 24.9 | -0.3 | -6.5 | -7.7 |
| San Francisco | 1.9 | 2.0 | 2.7 | 24.5 | 3.5 | -4.9 | 9.3 |
| Los Angeles | 1.6 | 1.4 | 2.8 | 19.9 | 0.7 | -3.4 | 5.3 |
| Phoenix | 0.9 | 1.1 | 1.3 | 19.8 | 13.9 | -7.3 | -0.3 |
| San Diego | 2.2 | 2.5 | 2.7 | 19.3 | 1.2 | -4.4 | 7.3 |
| Atlanta | 1.0 | 1.1 | 1.9 | 19.0 | -7.8 | -7.0 | -2.4 |
| Detroit | -1.4 | 2.4 | 1.7 | 16.4 | 8.0 | 0.0 | -3.4 |
| Miami | 1.3 | 1.6 | 2.5 | 14.8 | 5.1 | -4.9 | -2.1 |
| Portland | 1.1 | 0.6 | 1.4 | 11.8 | 1.7 | -7.1 | -3.2 |
| Seattle | 0.9 | 1.4 | 1.2 | 11.8 | 2.1 | -6.6 | -3.6 |
| Minneapolis | -1.1 | -0.4 | 3.0 | 11.5 | 6.0 | -8.2 | 3.2 |
| Tampa | 0.8 | 0.7 | 0.8 | 11.1 | 2.7 | -6.6 | -4.0 |
| Denver | 0.3 | 0.6 | 0.6 | 9.4 | 4.5 | -2.1 | 0.9 |
| Dallas | 0.4 | 0.6 | 0.9 | 8.0 | 3.2 | -2.4 | 0.1 |
| Chicago | 0.3 | 1.5 | 1.6 | 7.3 | -2.8 | -6.8 | -3.7 |
| Boston | -0.2 | 0.2 | 1.3 | 6.7 | 0.5 | -2.0 | 1.9 |
| Washington, D.C. | -0.2 | 0.4 | 0.9 | 5.7 | 2.1 | -0.4 | 4.7 |
| Cleveland | -0.1 | -0.3 | 0.0 | 3.5 | -0.1 | -4.3 | 0.7 |
| New York | 0.5 | 0.6 | 0.9 | 3.3 | -2.4 | -3.1 | -1.5 |
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.
