Global| Dec 26 2009Case-Shiller Home Price Gains Are Modest
by:Tom Moeller
|in:Economy in Brief
Summary
The housing market has improved enough to improve pricing power but outright strength is not at hand. The November S&P/Case Shiller Home Price Index edged up another 0.2%, about as it did during the prior two months. The increases in [...]
The
housing
market has improved enough to improve pricing power but outright
strength is not at hand. The November S&P/Case Shiller Home
Price Index edged up another 0.2%, about as it did during the prior two
months. The increases in this 20 City Composite index were below those
during the prior three months. However, they were enough to improve the
y/y comparison to -5.3% from its worst of -19.0% last January.
The narrower 10 City Composite Index also gained 0.2% and the y/y change improved to -4.5% from -19.4% at its worst. These negative comparisons by far outpace those during the 1990-91 recession which reached minus 6.3%.· Notable monthly gains in home prices during November were logged by Los Angeles, San Diego and San Francisco. Positive changes also were logged in Dallas.
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, Jan 00 = 100) | November m/m | October m/m | September m/m | Nov. y/y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | 0.2% | 0.3% | 0.1% | -5.3% | -15.7% | -3.8% | 7.6% |
| Regional Indicators | |||||||
| Atlanta | 0.2 | -0.4 | 0.1 | -6.2 | -8.5 | 0.7 | 4.3 |
| Boston | 0.4 | -0.2 | -0.5 | -0.7 | -5.7 | -4.0 | -1.8 |
| Chicago | -0.8 | -1.0 | 1.2 | -8.5 | -10.0 | -1.0 | 6.6 |
| Dallas | 0.6 | 0.2 | -0.3 | 1.4 | -3.2 | 0.5 | 3.2 |
| Denver | 0.3 | 0.3 | 0.0 | 0.5 | -4.9 | -1.7 | 2.1 |
| Los Angeles | 1.0 | 0.7 | 0.7 | -3.5 | -24.2 | -5.2 | 11.6 |
| New York | -0.9 | -0.3 | -0.2 | -7.1 | -7.4 | -2.8 | 7.5 |
| San Francisco | 1.5 | 1.8 | 1.5 | 1.0 | -24.3 | -4.5 | 4.5 |
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.
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