This morning, Standard & Poor’s (S&P) released October 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 October 2012 index value was 114.90 before seasonal adjustment; this translates to a 14.90 percent appreciation since January 2000 for a typical home in the Chicago market. (Note: values referenced below are not seasonally adjusted).
- From September to October 2012, 8 of 20 metro areas experienced monthly increases in home prices; 12 metros experienced decreases, including Chicago, where home prices fell 1.5% from last month before seasonal adjustment.
- “Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength. Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy,” said Standard & Poor’s Index Committee Chairman David M. Blitzer in a press release.
- However, annual rates of change, which are better indicators of the housing market due to seasonal variation, improved in both composite indices, as well as 19 MSAs including Chicago, where the annual rate improved slightly from -1.5 percent in September to -1.3 percent in October.
- 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 116.39 in October 2011 to 114.90 in October 2012.
The full press release and additional data can be found on the S&P website.Source: S&P/Case-Shiller Home Price Indices