It’s the last Tuesday of the month, a/k/a Case-Shiller Tuesday, and the results are in for May home price trends.
The seasonally-adjusted index for metro-area Chicago single-family homes gained 2.29% from the previous month and dropped year-over-year by 3.03%. This places the current index at price levels prevailing in March of 2001.
The seasonally-adjusted condo index also gained month-over-month, by 1.7% and fell year-over-year, by 5.1%. That index is now just below November of 2000 levels.
The single-family and condo index prices reversed a six-month decline.
The not-seasonally-adjusted single-family index rose 4.46% month-over-month and fell 3.03% year-over-year. The condo index rose 4.73% month-over-month and fell 5.10% year-over-year.
The S&P/Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two month lag.