It’s Case-Shiller Tuesday, the eagerly-awaited release day for the March closings data, reflecting contracts signed prior to then.
Who makes local decisions today based on what happened in broad markets months ago? Recently, it seems to be anyone who’s looking to justify their decision to defer buying a home. Rather thin gruel, in my book, but sufficient for many.
The not-seasonally adjusted index for metro-area Chicago single-family homes fell 2.38% from the previous month and dropped year-over-year by 7.64%. This places the current index at price levels prevailing in April of 2001.
The condo index dropped sharply month-over-month, by 4.48% and year-over-year, by 13.5%. The condo index is now at April 2000 levels.
The seasonally-adjusted numbers showed larger year-over-year declines, falling 7.46% for single-family homes and 13.71% for condos. Month-over-month declines were smaller, at .73% for single-families and 1.69% for condos.
We tend to avoid pointless speculation about future price moves, or about the meaning of these numbers for particular properties, so
If comment you must,
‘Cause your home price is bust,
Then this be your motto,
“In CribChatter we trust.”