Chicago home and condo prices see sharp recent increase

Yesterday was the last Tuesday of the month, a/k/a Case-Shiller Tuesday, and the results are in for June home price trends.

The seasonally-adjusted index for metro-area Chicago single-family homes gained 1.73% from the previous month and dropped year-over-year by 1.84%. This places the current index at price levels prevailing in June of 2001.

The seasonally-adjusted condo index also gained month-over-month, by 1.33% and fell year-over-year, by 5.31%. That index is now just below May of 2000 levels.

The seasonally-adjusted single-family and condo index prices rose for the third and fourth consecutive months, respectively.

The not-seasonally-adjusted single-family index rose 4.9% month-over-month and fell 1.73% year-over-year. The condo index rose 4.24% month-over-month and fell 5.15% year-over-year.

The unadjusted home price index has risen 11% since March and the condo index has risen 10% during that period.

The S&P/Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two month lag.

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