This morning, Standard & Poor’s (S&P) released November 2012 values for its Case-Shiller Home Price Index, which tracks the prices of existing single-family homes. The index in each metropolitan area extends from a base value of 100 in January 2000. For example, Chicago metro’s November 2012 index value was 113.35 before seasonal adjustment; this translates to a 13.35 percent appreciation since January 2000 for a typical home in the Chicago market. (Note: values referenced below are not seasonally adjusted).
- From October to November 2012, 10 of 20 metro areas experienced monthly increases in home prices and 10 experienced decreases. In Chicago, home prices decreased 1.3% before seasonal adjustment.
- Year-over-year prices were up in 19 of 20 MSAs, including Chicago, where the index increased 0.8% from 112.44 in November 2011 to 113.35 in November 2012.
- Annual rates of change improved in both composite indices and 19 of 20 MSAs, including Chicago, where the annual rate improved from -1.3 percent in October to 0.8 percent in November (Cleveland showed no change).
- Standard & Poor’s Index Committee Chairman David M. Blitzer noted in a press release that the month-over-month decreases were due to the seasonality of the market, and pointed to improvements in annual price changes and new and existing home sales as "confirm[ation that] housing is contributing to economic growth."
Source: S&P/Case-Shiller Home Price Indices
The full press release and additional data can be found on the S&P website.