2.5 Percent Drop for Chicago Home Values Brings New Post-Bubble Low in Case-Shiller

by Chicago Agent

Home prices are stabilizing nationwide, but Chicago is still having a tough time.

Though home values nationwide began to stabilize in S&P’s latest Case-Shiller Home Price Indices, prices in Chicago continued to fall, hitting new post-bubble lows.

From February to March, prices fell 2.5 percent in Chicago, while nationally, prices were unchanged. From last year, Chicago’s prices are down 7.1 percent, but nationally, the 10- and 20-City Composite for the Case-Shiller fell 2.8 and 2.6 percent.

Some other details from S&P’s report:

  • In addition to Chicago, Atlanta, Las Vegas, New York and Portland also saw average home prices hit new lows.
  • According to David M. Blitzer, the chairman of the Index Committee at S&P Indices, the Case-Shiller National Composite fell 2.0 percent in 2012’s first quarter, and is down 35.1 percent from its 2006 Q2 peak.
  • Aside from Atlanta, Chicago and Detroit, the other 17 cities of the composite saw annual rates improve, with values in Miami, Dallas, Denver and four other cities posting positive returns.
  • Twelve cities also saw values increase from February to March, including Miami and Dallas.

“After close to six consecutive months of price declines across most cities, this is relatively good news,” Blitzer said. “We just need to see it happen in more of the cities and for many months in a row. Since we are entering a seasonal buying period, it becomes very important to look at both monthly and annual rates of change in home prices in order to understand the broader trend going forward.”

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