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.
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.
For in-depth Chicago Metro Area housing market analysis, sign-up for my monthly email update, “Maximizing Equity“.