The news peg for the latest Standard & Poor’s Case-Shiller Home Price Indices is that the decline in home values may be slowing. “April … marked the third straight month both (the 10-city and 20-city) indexes didn’t set record price declines,” the Associated Press reports, “and yearly losses in 13 metros improved compared to March.”
Locally, the April 2009 report reflects the same trend we always notice: Condo values in the Chicago market haven’t fallen as far or as fast as the city’s overall home market in the past quarter or year. The only noticeable change in Chicago’s numbers lately are the year-over year declines, which have matched or exceeded the declines in Case-Shiller’s 10-city and 20-city indices for two straight months after consistently performing better than the national averages month in and month out.
Listed below are the changes in home value from April 2008 to April 2009, as well as changes from January ’08 to April ’09 and March ’09 to April ’09 (with seasonally adjusted values in parentheses):
Chicago overall home values:
- Year-over-year: -18.7 percent
- Quarter-on-quarter: -6.5 percent (-6 percent)
- Month-to-month: No change (No change)
Chicago condo values:
- Year-over-year: -13.5 percent
- Quarter-on-quarter: -5.9 percent (-5.6 percent)
- Month-to-month: -0.8 percent (-0.8 percent)
10-city home values:
- Year-over-year: -18 percent
- Quarter-on-quarter: -4.8 percent (-4.8 percent)
- Month-to-month: -0.7 percent (-1 percent)
20-city home values:
- Year-over-year: -18.1 percent
- Quarter-on-quarter: -4.9 percent (-4.9 percent)
- Month-to-month: -0.6 percent (-0.9 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.