Chicago’s Case-Shiller Housing Index seasonally adjusted for February 2010 fell 1.0% from January. The monthly drop was greater than the drop from December to January which was 0.8%. It’s down 2.9% from February 2009. The housing index is based on resales of houses in the Chicago Metro Area. It’s published with a 2 month lag.
Chicago's Case-Shiller Indices February 2009 to February 2010
The percentage drop for the Chicago Case-Shiller Condominium Index from January to February slid 2.6%, even greater than the drop from December to January of 2.3%. The condo index is down 9.6% from February 2009. While new construction sales are not included in the Case-Shiller Condo Index, developer price slashing is clearly putting price pressure on resales.
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Crain’s Chicago Business reported today that Standard & Poors is advising that the seasonally-adjusted Case-Shiller data not be used. The non-seasonally-adjusted change in the Chicago index from January to February was 2%. The change for the condo index was 3.1%.