Today, Standard & Poor’s (S&P) released November 2015 values for its Case-Shiller Home Price Index, which tracks the prices of existing single-family homes in 20 U.S. metro areas. The index in each metropolitan area extends from a base value of 100 in January 2000. For example, Chicago’s November 2015 index value was 130.43 before seasonal adjustment; this translates to a 30.43 percent appreciation since January 2000 for a typical home in the Chicago market.
- All 20 cities tracked and both composite indices showed positive year-over-year returns. In Chicago, the index increased 2.0 percent from 127.91 in November 2014 to 130.43 in November 2015. This was an improvement over last month’s YOY growth rate of 1.3 percent.
- Chicago was among five cities that experienced negative monthly rates of change. Chicago’s November 2015 home price level decreased by -0.66 percent from the previous month, also falling behind the 10-City and 20-City Composites’ respective 0.02 and 0.06 percent growth rates.
- In a press release, Standard & Poor’s Index Committee Chairman David M. Blitzer noted housing as part of an strong overall consumer portion of the economy. He observed that, “Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market.”
The following charts illustrate home price comparison and trends.
Source: S&P/Case-Shiller Home Price Indices
Note: The full press release and additional data can be found on the S&P website. Values reflect non-seasonally adjusted data, which are typically more appropriate for annual comparisons than monthly ones; however, due to heightened volatility in recent housing values that can skew the seasonal adjustments, S&P recommends using the non-seasonally adjusted numbers, even for month-to-month comparisons.
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