Chicago’s Case-Shiller Index for March 2010 fell 2.3% from February. The monthly drop was greater than the drop from January to February of 1.0%. The housing index is down 2.3% from March 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 March 2009 to March 2010
The percentage drop for the Chicago Case-Shiller Condominium Index from February to March slid 4.8%, even greater than the drop from January to February of 2.6%. The condo index is down 12.1% from March 2009.
I expect to see the drop in the Chicago indices lessen for April through June when the last sales will be closing for buyers motivated by the homebuyer tax credits.
In previous blog posts about the Chicago Case-Shiller Index I reported seasonally-adjusted indices. Last month Standard & Poors released an analysis of the index stating that the unadjusted indices were more reliable indicators. Thus, I have switched to reporting unadjusted indices.
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Fran Bailey shows, previews and tracks downtown Chicago homes for sale. Fran has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
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The Wall Street Journal has a nice interactive map for those who would like to see how Chicago’s Case-Shiller Index has changed since 2000 compared to the 20 city composite index. You’ll see that Chicago’s index didn’t rise as much as the composite index during the bubble years, but Chicago has had more of a pullback since the brief rise last year.
There’s an awesome interactive chart of Chicago Condo Prices (ala Case-Shiller) on SeekingAlpha.com.
Thank you so much, Sean! It truly is an awesome chart of the Chicago Case-Shiller Condo Index. I will let more people know about it in future blog posts!