Case-Shiller Tuesday: Values rise slightly

Case-Shiller Home Price Indices for Chicago and US real estate markets, January 2005 to August 2010

After hitting some serious lows in March 2010, home values in Chicago went up in April, May, and now June, according to new S&P / Case-Shiller Home Price Indices released this morning.

Chicago home values (the blue line above) in June ’10 were up 2 percent from May, up 4 percent from March, and dead even with June ’09. Condo values (red) rose 10 percent from March to June, but were still down about 4 percent year-over-year.

“The monthly Composites cover June and the national index covers the second quarter, when the government’s program for first time home-buyers was winding down. While the numbers are upbeat, other more recent data on home sales and mortgages point to fewer gains ahead,” S&P Index Committee Chairmain David Blitzer said in today’s report. “The worry starts when you remember that the Homebuyers’ Tax Credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak. The inventory of unsold homes and months’ supply data were particularly troubling. If this relative weakness in demand continues, it will likely filter through to home prices in coming months.”

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