Home values got off to “a dismal start” this year, according to the latest Case-Shiller Home Price Indices report from Standard & Poor’s. Prices in the nation’s top 20 markets dropped 1% from December to January, and were down 3.1% from January 2010.
In Chicago, home values fell 1.8% from December to January, and were down 7.5% from January 2010. Chicago home values have not risen from month to month since July to August 2010.
The decline in the city’s condo market was more pronounced: condo prices fell 5.4% from December to January, and were down 13.9% from January 2010.
Case-Shiller calculates its monthly values using a three-month moving average, and publishes its reports on a two-month lag, meaning we’ll see this month’s activity reflected in the May, June, and July 2011 reports.