Home prices here and across the country rose slightly from May to June, according to the latest Case-Shiller home price indices published by Standard & Poor’s. Condo values and overall home values both rose in the Chicago market, even when seasonal adjustments were taken into account. Slowly but surely, the year-over-year price gaps in the local and national market are closing, but there’s a long way to go before homes reach the peak values found in 2006 and 2007.
Listed below are the changes in home value from May to June, as well as changes from March to June and June ’08 to June ’09 (with seasonally adjusted values in parentheses):
Chicago overall home values
- Month-to-month: 1.1 percent (0.5 percent)
- Quarter-on-quarter: 2.2 percent (1.2 percent)
- Year-over-year: -16.7 percent
- From peak (September 2006): -25.9 percent
Chicago condo values:
- Month-to-month: 0.4 percent (0.1 percent)
- Quarter-on-quarter: 0.7 percent (-0.1 percent)
- Year-over-year: -12.2 percent
- From peak (September 2007): -15.7 percent
10-city home values:
- Month-to-month: 1.4 percent (0.7 percent)
- Quarter-on-quarter: 1.2 percent (-0.3 percent)
- Year-over-year: -15.1 percent
- From peak (June 2006): -32.3 percent
20-city home values:
- Month-to-month: 1.4 percent (0.7 percent)
- Quarter-on-quarter: 1.3 percent (-0.1 percent)
- Year-over-year: -15.4 percent
- From peak (July 2006): -31.3 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.