It’s easy to feel like Charlie Brown and the football when it comes to these monthly market reports. Yesterday the Illinois Association of Realtors noted spikes in April sales and median prices, and everyone rejoiced. The Case-Shiller report on March home prices broke this morning, and everyone’s down in the dumps again.
According to the March 2010 Standard & Poor’s / Case-Shiller Home Price Index, overall prices in Chicago dropped 2.3 percent from February to March, and were down by the same amount year-over-year. Values are now at an eight-year low, the Tribune says.
Chicago condo values dropped almost 5 percent from February to March and more than 12 percent year-over-year.
Listed below are the changes in home value month-to-month (February to March 2010), quarter-on-quarter (December ‘09 to March ‘10), year-over-year (March ‘09 to March ‘10), and off each market’s peak month.
Chicago overall home values
- Month-to-month: -2.3%
- Quarter-on-quarter: -5.9%
- Year-over-year: -2.3%
- Off peak (September 2006): -29.0%
Chicago condo values
- Month-to-month: -4.8%
- Quarter-on-quarter: -10.9%
- Year-over-year: -12.1%
- Off peak (August 2007): -26.2%
10-city composite
- Month-to-month: -0.4%
- Quarter-on-quarter: -1.2%
- Year-over-year: +3.1%
- Off peak (June 2006): -31.0%
20-city composite
- Month-to-month: -0.5%
- Quarter-on-quarter: -1.7%
- Year-over-year: +2.3%
- Off peak (July 2006): -30.6%
Case-Shiller’s 10-city index calculates values from the Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York City, San Diego, San Francisco, and Washington, D.C., metro areas. The 20-city index comprises those areas, plus the Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle, and Tampa metro areas.