Chicago’s Case-Shiller Index for October fell 1% from September ending 5 straight months of increases. With the rush of so many first time homebuyers to close on their home purchases before the initial tax credit deadline of November 30th, I’m surprised by the drop. I saw many multiple offers pushing up sale prices in October.
The index is down 5.7% for 2009 and 10.2% from a year earlier. The index is based on resales of houses in the Chicago Metro Area.
The Chicago Case-Shiller Condominium Index for October was essentially flat rising only 0.4% from September. The condo index is down 6.2% since the start of the year and down 8.6% from October 2008.