Global| May 29 2012U.S. Home Prices Remain Under Pressure
by:Tom Moeller
|in:Economy in Brief
Summary
The seasonally adjusted Case-Shiller 20-City Home Price Index ticked up 0.1% during March following an unrevised 0.2% February rise. The latest figure eased the year-to-year change to -2.6%, an improvement versus last year's 3.9% rate [...]
The seasonally adjusted Case-Shiller 20-City Home Price Index ticked up 0.1% during March following an unrevised 0.2% February rise. The latest figure eased the year-to-year change to -2.6%, an improvement versus last year's 3.9% rate of decline. The narrower 10 City Composite Home Price Index edged up another 0.1% during March (-2.8% y/y).
In many markets home prices rose y/y including Phoenix, Minneapolis, Miami, Denver, Detroit and Dallas. These gains were offset, however, by continued price declines in Atlanta, Las Vegas, Chicago, Los Angeles, Portland, San Diego, San Francisco, New York, Cleveland and Seattle.
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 REGIONAL
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| S&P Case-Shiller Home Price Index (SA, %) | Mar | Feb | Jan | Mar Y/Y |
2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.1 | 0.2 | -0.1 | -2.6 | -3.9 | 1.3 | -13.3 |
| Regional Indicators | |||||||
| Atlanta | -0.4 | -2.0 | -1.1 | -17.7 | -7.0 | -2.4 | -11.6 |
| Boston | 0.7 | -0.0 | 0.1 | -0.9 | -2.0 | 1.9 | -4.9 |
| Chicago | -0.6 | -0.7 | -0.4 | -6.9 | -6.8 | -3.7 | -14.2 |
| Cleveland | 0.7 | -0.2 | -0.9 | -2.5 | -4.3 | 0.7 | -4.8 |
| Dallas | 1.4 | 0.6 | 0.6 | 1.5 | -2.4 | 0.1 | -2.3 |
| Denver | 1.1 | 0.3 | 0.7 | 2.6 | -2.1 | 0.9 | -2.8 |
| Detroit | -2.1 | 0.1 | 0.6 | 2.4 | -0.0 | -3.4 | -21.3 |
| Las Vegas | 0.5 | 0.1 | -0.1 | -7.5 | -6.5 | -7.7 | -29.8 |
| Los Angeles | 0.4 | 0.0 | -0.1 | -4.8 | -3.4 | 5.3 | -15.4 |
| Miami | 1.9 | 1.4 | 1.2 | 2.6 | -4.9 | -2.1 | -22.0 |
| Minneapolis | 0.8 | 1.2 | 1.2 | 3.4 | -8.2 | 3.2 | -15.7 |
| New York | -0.2 | -0.4 | -0.6 | -2.7 | -3.1 | -1.5 | -9.8 |
| Phoenix | 2.7 | 2.2 | 2.2 | 6.1 | -7.3 | -0.3 | -28.0 |
| Portland | -0.0 | 0.6 | -0.6 | -2.7 | -7.2 | -3.2 | -12.8 |
| San Diego | 0.1 | 0.6 | -0.2 | -2.7 | -4.4 | 7.3 | -13.3 |
| San Francisco | 0.7 | 1.1 | -0.8 | -3.0 | -4.9 | 9.3 | -18.4 |
| Seattle | 1.9 | -0.4 | 0.8 | -1.3 | -6.6 | -3.6 | -14.3 |
| Tampa | 1.6 | 0.8 | 0.4 | -0.9 | -6.6 | -4.0 | -18.8 |
| Washington, D.C. | 1.6 | -0.4 | 0.3 | -0.5 | -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.
