May 2010 S&P Case-Shiller Index Ticks Up in Miami and New York

posted on August 18th, 2010 filed under: Real Estate Market Data

The Standard & Poor’s Case-Shiller Home Price Index registered its first monthly advance in over half a year for the Miami metro area that includes Coral Gables.  After drifting lower for a while, the index for the three-month period ending May 2010 ticked up, recovering a few months of the gradual slide in real estate prices.

These data are not seasonally adjusted and probably reflect some of the usual spring-summer strength, but the seasonally adjusted version of the S&P Case-Shiller Home Price Index also ticked up.

S&P Case-Shiller Home Price Index -- Miami -- May 2010 (NSA)Source: Standard & Poor’s

The S&P Case- Shiller Home Price Index is also segmented into price tiers.  At first blush, the high-tier segment would seem to be much more relevant to real estate values in Coral Gables and other luxury-home submarkets in Miami.  But the threshold for the high tier in Miami, as the S&P Case-Shiller Index defines it, is only $257,319.  As a result, the overall pattern is pretty much the same, with the scale of the boom and bust somewhat more attenuated — perhaps because mortgage fraud and the Wall Street mortgage-securitization scheme had the biggest impact at the lower end where the only way to buy is to borrow.

S&P Case-Shiller Home Price Index -- Miami -- High Tier -- May 2010Source: Standard & Poor’s

The same patterns are on display in the S&P Case-Shiller Home Price Index for the New York metro area.

S&P Case-Shiller Home Price Index -- New York -- May 2010 (NSA)Source: Standard & Poor’s

Again, the high-tier index takes the same general shape, with the amplitude of the boom and bust a bit more moderate than for the overall index.  The high tier in New York is defined as above $433,673.

S&P Case-Shiller Home Price Index -- New York -- High Tier -- May 2010Source: Standard & Poor’s

Print Friendly

posted by // This entry was posted on Wednesday, August 18th, 2010 at 8:20 am and is filed under Real Estate Market Data. You can follow any responses to this entry through the RSS 2.0 feed.

Both comments and pings are currently closed.

Comments are closed.