Chicago Home Prices Rise 1.1 Percent in April 2012 Case-Shiller Index

by Chicago Agent

The Case-Shiller posted long-awaited increases in April at both the national and local level.

Home prices in Chicago improved in the latest Case-Shiller Home Price Index, increasing 1.1 percent from March to April according to Standard & Poor’s (S&P).

That increase came after a 2.5 percent price decline from February to March, which had brought Chicago’s home prices to a new post-bubble low – and which suggests, with April’s gain, that prices have bottomed in the Windy City.

Nationally, some of S&P’s most important findings were:

  • Prices increased for both the 10- and 20-City Composites by 1.3 percent.
  • Like Chicago, those gains came after several months of falling prices (nationally, values had fallen for seven straight months).
  • On an annual basis, prices did still fall by 2.2 percent for the 10-City Composite and 1.9 percent for the 20-City Composite, but S&P noted in its report that those declines were less than its last report, when annual prices fell 2.9 and 2.6 percent for the composites.
  • For Chicago, year-over-year prices were down 5.6 percent, but again, that’s an improvement from the last index, when prices fell 7.1 percent.

David M. Blitzer, the chairman of the Index Committee at S&P Indices, said April’s index brought long-awaited increases in home prices.

“With April 2012 data, we finally saw some rising home prices,” Blitzer said. “On a monthly basis, 19 of the 20 MSAs and both Composites rose in April over March … In addition, 18 of the 20 MSAs and both Composites saw better annual rates of return. It has been a long time since we enjoyed such broadbased gains.”

Blitzer also noted that the seasonally-adjusted data for April was largely positive, “a possible sign that the increase in prices may be due to more than just the expected surge in spring sales.”

Read More Related to This Post

Join the conversation

New Subscribe

  • This field is for validation purposes and should be left unchanged.