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Home Prices Fall 1% in October as Consumer Confidence Declines
1. Daily Economic Update
December 28, 2010
Home prices for the S&P/Case Shiller 20‐city index decreased in October by 1% from
September and by 0.8% from October 2009.
Of the twenty cities included in the index, four generated year‐over‐year gains:
Washington, Los Angeles, San Diego, and San Francisco, while the remaining 16
depreciated over the same time frame.
Although prices decreased minimally over the last year, they have stayed relatively stable
since the first part of 2009.
The Conference Board’s consumer confidence index decreased in December by 3.3% to
52.5.
The decline was primarily attributable to a decrease in confidence towards the present
situation (down 7.5% in December to 25.3). In particular, 46.8% of survey respondents
indicated that jobs are currently difficult to obtain.
The following graph details the S&P/Case Shiller 20‐city Index and the Conference
Board’s Consumer Confidence Index. The decline in home prices has coincided with a
commensurate decline in consumer confidence beginning in mid‐2007. Thus,
improvement in home prices is inexorably linked to employment growth and greater
consumer confidence.
Produced by NAR Research
