Monthly home price growth in Chicagoland was the strongest in the nation, according to the new Case-Shiller Home Price Indices from Standard & Poor’s.

The leading home price metric in housing, the Case-Shiller, found that Chicagoland home prices rose 1.8 percent from April to May, which was double the national average; year-over-year growth remained relatively modest at 3.7 percent, but if the market’s monthly gains persist, its yearly increases will likely improve.

Case-Shiller Home Price Indices in May

Nationally, the Case-Shiller was up 5.0 percent year-over-year in May, which was identical to April’s yearly gain. Other notable stats from Standard & Poor’s report included:

• The 10- and 20-city Composites, which focus on specific metro areas, rose 4.4 and 5.2 percent year-over-year, respectively.
• From April to May, the national Case-Shiller rose 1.2 percent, while the 10- and 20-City Composites rose 0.8 and 0.9 percent, respectively.
• After seasonal adjustments, the monthly gains were much different – the national index rose only 0.2 percent, while the 10- and 20-City Composites actually declined by 0.2 and 0.1 percent.

“Overall, housing is doing quite well”

David M. Blitzer, the managing director and chairman of the Index Committee at S&P Dow Jones Indices, stated in S&P’s report that housing is in good shape, all things considered.

“Overall, housing is doing quite well,” Blitzer said. “In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains. The SCE Housing Expectations Survey published by the New York Federal Reserve Bank shows that consumers expect home prices to continue rising, though at a somewhat slower pace.”