Standard & Poor’s (S&P) released April 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 April 2012 index value was 103.9 before seasonal adjustment; this translates to a 3.9 percent appreciation since January 2000 for a typical home in the Chicago market. (Note: values referenced below are not seasonally adjusted).
- From March to April, annual rates of change improved in Chicago, where the rate moved from -7.1 percent in March to -5.6 percent in April, as well as both composite indices, and 17 other MSAs.
- 19 of 20 metro areas also experienced monthly increases, including Chicago (+1.1% improvement March to April 2012).
- “It has been a long time since we enjoyed such broad-based gains,” said Standard & Poor’s Index Committee Chairman David M. Blitzer in a press release. “While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign.”
- Year-over-year prices were down in 10 of 20 MSAs, including Chicago, where the index fell 5.6% from 110.1 in April 2011 to 103.9 in April 2012 (year-over-year prices improved in Phoenix, Denver, Washington DC, Miami, Tampa, Boston, Detroit, Minneapolis, Charlotte, and Dallas).
The full press release and additional data can be found on the S&P website.