Case-Shiller Tuesday: Chicago home values rose slightly from April to May

The values of single-family homes and condos in Chicago rose from April to May 2009, but values nationwide dipped by another fraction of a percent when adjusted for season, according to the latest Case-Shiller home price indices published by Standard & Poor’s.

Chicago overall home values were still down 17.5 percent from a year earlier and 26.6 percent from their peak in September 2006. Local condo values are down 12.6 percent year-over-year and 16 percent from their September 2007 peak.

Listed below are the changes in home value from May 2008 to May 2009, as well as changes from February ’09 to May ’09 and April ’09 to May ’09 (with seasonally adjusted values in parentheses):

Chicago overall home values:

  • Month-to-month: +1.1 percent (+0.5 percent)
  • Quarter-on-quarter: -2.1 percent (-2.4 percent)
  • Year-over-year: -17.5 percent
  • From peak (September 2006): -26.6 percent

Chicago condo values:

  • Month-to-month: +1.2 percent (+0.7 percent)
  • Quarter-on-quarter: -1.9 percent (-2.4 percent)
  • Year-over-year: -12.6 percent
  • From peak (September 2007): -16 percent

10-city home values:

  • Month-to-month: +0.4 percent (-0.2 percent)
  • Quarter-on-quarter: -2.3 percent (-3.1 percent)
  • Year-over-year: -16.8 percent
  • From peak (June 2006): -33.3 percent

20-city home values:

  • Month-to-month: +0.5 percent (-0.2 percent)
  • Quarter-on-quarter: -2.3 percent (-3.1 percent)
  • Year-over-year: -17.1 percent
  • From peak (July 2006): -32.3 percent

Case-Shiller’s 10-city index calculates values from the Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York City, San Diego, San Francisco, and Washington, D.C., metro areas. The 20-city index comprises those areas, plus the Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle, and Tampa metro areas.

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