Chicago’s Case-Shiller Index for August rose 0.7% from July. This is the 4th month in a row that the index has risen. The increase from June to July was 2.7%.
The index is down 1.6% from August 2011. It’s back to its March 2002 level. The Case-Shiller Index for Chicago is based on resales of houses in the Chicago Metro Area. It’s published with a 2 month lag.
The Chicago Case-Shiller Condominium Index for August rose 1.6% from July. It rose 2.3% from June to July. The condo index is down 3.2% from August 2011. It’s back to its January 2001 level.
WHAT THIS MEANS FOR BUYERS
It’s still a buyer’s market, but due to significantly lower inventories you don’t have nearly the choices that you had a year ago. However, the market may be forming a bottom which is a good time to buy!
WHAT THIS MEANS FOR SELLERS
Four months of increases for the spring and summer markets don’t mean that we’re back to a seller’s market. Such increases have been typical even during the past few down years. I see this more as evidence that the Chicago real estate market may be forming a bottom. I don’t recommend selling unless
1. you really need to
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.)
As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time.
ABOUT THE CHICAGO CASE-SHILLER INDICES
Keep in mind that the Chicago Case-Shiller Indices are for the entire Chicago Metro Area. Markets do vary by location, price range and housing types. For more market statistics see Chicago Real Estate Market. For more information on the indices see S&P/Case-Shiller Home Price Indices.