Case-Shiller Home Price Index October 2016

Today, Standard & Poor’s (S&P) released October 2016 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 October 2016 index value was 136.32 before seasonal adjustment; this translates to a 36.32 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 3.9 percent from 131.14 in October 2015 to 136.32 in October 2016 (a slight decrease from last month’s YOY growth rate of 4.2 percent).
  • Chicago’s October 2016 home price level was down slightly from the previous month (137.78 in September compared to 136.32 in October).
  • In a press release, Standard & Poor’s Index Committee Managing Director and Chairman David M. Blitzer observed that, “Home prices and the economy are both enjoying robust numbers. However, mortgage interest rates rose in November and are expected to rise further as home prices continue to outpace gains in wages and personal income.”
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 websitevalues 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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