This morning, Standard & Poor’s (S&P) released October 2011 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, the Chicago metro’s October 2011 index value was 116.4 before seasonal adjustment; this translates to a 16.4% appreciation since January 2000 for a typical home in the Chicago market. (Note: in accordance with a statement released by S&P, the values referenced below are not seasonally adjusted).
• Nationally, the Case-Shiller data were mixed. From October to September, annual rates of change improved in both composite indices, as well as 14 MSAs (including Chicago). However, 19 MSAs (including Chicago) posted monthly price declines. “Atlanta and the Midwest are regions that really stand out in terms of recent relative weakness,” said Standard & Poor’s Index Committee Chairman David M. Blitzer in a press release. “… Chicago, Cleveland Detroit and Minneapolis all posted monthly declines of 1.0% or more in October. These markets were some of the strongest during the spring/summer buying season.”
• Phoenix was the only metro area, of 20, that experienced a monthly increase in home prices from September to October 2011; in Chicago, home prices decreased by 1.8% before seasonal adjustment.
• Year-over-year prices were down in 18 of 20 MSAs, including Chicago, where the index fell 4.8% from 122.3 in October 2010 to 116.4 in October 2011 (year-over-year prices improved in Detroit and Washington, DC).
Source: S&P/Case-Shiller Home Price Indices
The full press release and additional data can be found on the S&P website.
