Standard & Poor’s (S&P) released March 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 March 2012 index value was 102.8 before seasonal adjustment; this translates to a 2.8 percent appreciation since January 2000 for a typical home in the Chicago market. (Note: values referenced below are not seasonally adjusted).
- From February to March, annual rates of change improved in both composite indices, as well as 17 MSAs; however, the Chicago annual rate declined slightly from -6.9 percent in February to -7.1 percent in March.
- There were eight metro areas, of 20, that experienced monthly increases in home prices; in Chicago, home prices decreased by 2.5% from February to March 2012 before seasonal adjustment. “While there has been improvement in some regions, housing prices have not turned,” said Standard & Poor’s Index Committee Chairman David M. Blitzer in a press release. “This month’s report saw all three composites and five cities hit new lows. However, with last month’s report nine cities hit new lows. Further, about half as many cities, seven, experienced falling prices this month compared to 16 last time.”
- Year-over-year prices were down in 13 of 20 MSAs, including Chicago, where the index fell 7.1% from 110.6 in March 2011 to 102.8 in March 2012 (year-over-year prices improved in Phoenix, Denver, Miami, Detroit, Minneapolis, Charlotte, and Dallas).
Source: S&P/Case-Shiller Home Price Indices
The full press release and additional data can be found on the S&P website.