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Case-Shiller Home Price Index

February 28, 2012

Standard & Poor’s (S&P) released December 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, Chicago metro’s December 2011 index value was 110.2 before seasonal adjustment; this translates to a 10.2% appreciation since January 2000 for a typical home in the Chicago market. (Note: values referenced below are not seasonally adjusted).

•    From November to December, annual rates of change declined in both composite indices, as well as 19 MSAs (including Chicago). Over the same period, 18 MSAs including Chicago posted monthly price declines. “In terms of prices, the housing market ended 2011 on a very disappointing note,” said Standard & Poor’s Index Committee Chairman David M. Blitzer in a press release. “… it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended.”
•    Phoenix and Miami were the only metro areas, of 20, that experienced monthly increases in home prices; in Chicago, home prices decreased by 2% from November to December 2011 before seasonal adjustment.
•    Year-over-year prices were down in 19 of 20 MSAs, including Chicago, where the index fell 6.5% from 117.9 in December 2010 to 110.2 in December 2011 (year-over-year prices improved in Detroit).

Source: S&P/Case-Shiller Home Price Indices

The full press release and additional data can be found on the S&P website.


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