It’s the last Tuesday of the month, a/k/a Case-Shiller Tuesday, and the results are in for August home price trends.
All of the Case-Shiller indices registered their fifth consecutive month-over-month gains.
The seasonally-adjusted index for metro-area Chicago single-family homes gained .7% from the previous month and dropped year-over-year by 1.69%. This places the current index at price levels prevailing in July of 2001.
The seasonally-adjusted condo index also gained month-over-month, by 1% and fell year-over-year, by 3.86%. That index is now just below June of 2000 levels.
The seasonally-adjusted indexes now stand 14.3% above their lows in March of this year – not comforting news for home buyers who are still waiting for the market to bottom.
The not-seasonally-adjusted single-family index rose .71% month-over-month and fell 1 63% year-over-year. The condo index rose 1.62% month-over-month and fell 3.72% 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.