S&P/Case-Shiller

Home Price Indices

Real Estate Indices |

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About the Indices
The S&P/Case-Shiller1 Home Price Indices are the leading measure of United States residential
real estate prices. The index family includes 23 headline indices – indices for 20 metropolitan
statistical areas (MSAs) and three composite indices (National; 10-City and 20-City).
Additionally, the index family includes price tier indices for 17 of the 20 MSAs, five condominium
indices, and seasonally-adjusted versions of the headline and condominium indices.
Capturing approximately 75% of U.S. residential housing stock homes in three price tiers – low, mid, and high. Each tier
by value, the S&P/Case-Shiller U.S. National Home Price Index represents approximately one-third of the sales transactions in
is a quarterly index of single-family home prices for the nine each respective market. Separate data sets of low-price-tier
U.S. Census divisions. The 10 and 20 city composite indices houses, medium-price-tier houses and high-price-tier repeat
also measure single family home prices and are calculated sales pairs are assembled for each MSA.
monthly. The condominium indices track condominium prices in Weighting of Sales Pairs
Boston, Chicago, Los Angeles, New York, and San Francisco. The S&P/Case-Shiller indices are value weighted. They are
Repeat Sales Methodology designed to control for quality change in the homes being
The methodology for calculating the S&P/Case-Shiller Indices measured. Sales pairs are assigned weights to account for
is based on the pioneering research of Karl E. Case and Robert fluctuations in price that can be attributed to factors like
Shiller. The indices employ a repeat sales methodology, widely extensive home remodeling, adding a home addition or extreme
considered as the most accurate way to measure price changes neglect. Sales pairs are also weighted based on time intervals
for real estate. between sales. Sales pairs with longer time intervals are given
The repeat sales methodology measures the movement in the less weight than sales pairs with shorter intervals to account

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price of single-family homes by collecting data on actual sale
prices of single-family homes in their specific regions. When
a home is resold, months or years later, the new sale price is
matched to its first sale price. These two data points are called
a “sale pair.” The difference in the sale pair is measured and
recorded. All the sales pairs in a region are, then, aggregated
into one index. Sales pairs are carefully screened for any data
points that would distort the index, such as non arms-length
transactions.
Price Tiers
Price tier indices for 17 of the 20 MSAs are also published.
These indices measure changes in the value of single family
1 Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.
for the probability of physical changes.
Data
Fiserv Inc., a leading provider of information technology
services, serves as the calculation agent for the S&P/Case-
Shiller indices. Fiserv Inc. receives sale price information
from multiple sources and rigorously crosschecks all data
points using a proprietary methodology. Fiserv also maintains
additional Case-Shiller indices down to specific zip codes.
Going back to 1987, the indices have a long history, making
them a reliable tool for both trading and research.
 S&P/Case-Shiller Home Price Indices
Real Estate Indices |

Index Governance Metropolitan Regions in the S&P/Case-Shiller Home Price Indices

The S&P/Case-Shiller Home Price
Indices are generated and published on
a monthly basis by Standard & Poor's
and Fiserv Inc. The indices are
maintained by the Index Committee
members drawn from Standard &
Poor's, Fiserv CSW, and leading
industry experts; Standard & Poor's
designates the Index Committee
Chairman.

Performance of Asset Classes

Each asset class is represented by the
corresponding investment vehicle.
Annualized
Asset Returns Volatility
Housing 4.74% 4.14%
Bonds 6.33% 3.84%
Stocks -0.95% 16.13%
REITs 10.81% 25.09%
Data from January 2000 to December 2009

Tickers Correlation to Returns

SM
BLOOMBERG Reuters Housing can be used to hedge investment in stocks, bonds and REITs.
Boston SPCSBOS .SPCSBOS S&P/CS Barclays Capital
Chicago SPCSCHI .SPCSCHI Home Price Aggregate S&P
Denver SPCSDEN .SPCSDEN Asset Indices Bond Index S&P 500 U.S. REIT
Las Vegas SPCSLV .SPCSLV S&P/CS Home Price Indices 1.000
Los Angeles SPCSLA .SPCSLA BarCap Aggregate Bond Index 0.004 1.000
Miami SPCSMIA .SPCSMIA S&P 500 0.183 -0.013 1.000
New York SPCSNY .SPCSNY S&P U.S. REIT 0.265 0.160 0.584 1.000
San Diego SPCSSD .SPCSSD Data from January 2000 to December 2009
San Francisco SPCSSF .SPCSSF
Washington D.C SPCSWDC .SPCSWDC Growth of Investment
Composite of 10 SPCS10 .SPCS10 The graph shows the growth of US$ 100 invested in the four asset classes from December 1999 to December 2009.
Atlanta SPCSATL .SPCSATL 500

Charlotte SPCSCHAR .SPCSCHAR 450 S&P/CS Home Price Indices

Cleveland SPCSCLE .SPCSCLE
Barclays Capital Aggregate Bond Index
Dallas SPCSDAL .SPCSDAL 400
S&P 500
Detroit SPCSDET .SPCSDET
350 S&P U.S. REIT
Minneapolis SPCSMIN .SPCSMIN
Phoenix SPCSPHX .SPCSPHX 300
Portland SPCSPORT .SPCSPORT
250
Seattle SPCSSEA .SPCSSEA
Tampa SPCSTMP .SPCSTMP 200

Composite of 20 SPCS20 .SPCS20 150

U.S. National SPCSUSA .SPCSUSA
100

50
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

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