The nation’s top 20 home markets experienced the smallest annual price drop in almost three years this January, according to today’s Standard & Poor’s / Case-Shiller Home Price Indices (PDF), but economists are already warning not to read too much into the data.
“It is only a matter of time before the index records a double-dip in prices,” economist Paul Dales tells the Associated Press. Home sales have dropped nationwide, and incentives like the federal home buyer tax credits will expire soon.
Standard & Poor’s Web site has been acting up all morning, meaning I can’t give you a breakdown of Chicago’s overall home market and condo market. According to Crain’s, home prices in Chicago fell 0.8 percent on a seasonally adjusted basis from December to January, representing the second-biggest decline in the top 20 markets.