This morning, Standard & Poor’s (S&P) released September 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 September 2012 index value was 116.69 before seasonal adjustment; this translates to a 16.69 percent appreciation since January 2000 for a typical home in the Chicago market. (Note: values referenced below are not seasonally adjusted).
- From August to September, 13 of 20 metro areas experienced monthly increases in home prices, six metros experienced decreases, and one was unchanged. In Chicago, home prices decreased 0.6% from last month before seasonal adjustment.
- “With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,” said Standard & Poor’s Index Committee Chairman David M. Blitzer in a press release.
- Annual rates of change improved in both composite indices, as well as 18 MSAs, including Chicago, where the annual rate improved slightly from -1.6 percent in August to -1.5 percent in September.
- Year-over-year prices were up in 18 of 20 MSAs; prices were down in New York and Chicago, where the index fell -1.5% from 118.47 in September 2011 to 116.69 in September 2012.
Source: S&P/Case-Shiller Home Price Indices
The full press release and additional data can be found on the S&P website.