It’s the last Tuesday of the month, a/k/a Case-Shiller Tuesday, and the results are in for January home price trends.
The seasonally-adjusted index for metro-area Chicago single-family homes dropped 0.35% from the previous month and dropped year-over-year by 6.65%. This places the current index just below price levels prevailing in February of 2001.
The seasonally-adjusted condo index also fell month-over-month, decreasing by 0.74% and fell year-over-year, by 9.44%. That index is now just below March of 2000 levels.
The single-family and condo index prices declined for the fifth straight month, following several months of price increases.
The not-seasonally-adjusted single-family index fell 1.89% month-over-month and 6.59% year-over-year. The condo index fell 2.62% month-over-month and 9.66% 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.