News Item
09.27.2016
Case-Shiller Home Price Index July 2016
Today, Standard & Poor’s (S&P) released July 2016 values for its Case-Shiller Home Price Index, which tracks the prices of existing single-family homes in 20 U.S. metro areas. The index in each metropolitan area extends from a base value of 100 in January 2000. For example, Chicago’s July 2016 index value was 137.65 before seasonal adjustment; this translates to a 37.65 percent appreciation since January 2000 for a typical home in the Chicago market.
- All 20 cities tracked and both composite indices showed positive year-over-year returns. In Chicago, the index increased 3.7 percent from 132.73 in July 2015 to 137.65 in July 2016 (a slight increase over last month’s YOY growth rate of 3.5 percent).
- Chicago’s July 2016 home price level also increased by 0.9 percent from the previous month, outpacing the 10-City and 20-City Composites’ respective 0.5 percent and 0.6 percent growth rates.
- In a press release, Standard & Poor’s Index Committee Managing Director and Chairman David M. Blitzer affirmed that “both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5% annual rate.” Looking forward, he speculates that the Fed will raise interest rates in December, but “mortgage rates would still be at historically low levels and would not be a major negative for house prices.”
Source: S&P/Case-Shiller Home Price Indices
Note: The full press release and additional data can be found on the S&P website. values reflect non-seasonally adjusted data, which are typically more appropriate for annual comparisons than monthly ones; however, due to heightened volatility in recent housing values that can skew the seasonal adjustments, S&P recommends using the non-seasonally adjusted numbers, even for month-to-month comparisons.
Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.
WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.
Related News

Blog
NEWS
News Item
03.20.2023
Getting to Know DCASE Commissioner Erin Harkey
Tell us about where you grew up and tell a special high school memory/story. I was born and raised in Los Angeles and went to Santa Monica High School; high…

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Blake Anthony-Johnson
A Conversation with Blake-Anthony Johnson, CEO and President of Chicago Sinfonietta Blake-Anthony Johnson’s multifaceted career has included work as a performer, collaborator, recording artist, and

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Leon Walker
Meet Leon Walker Over the past 20 years, Leon I. Walker, Esq., has spearheaded cutting-edge community development projects that have generated thousands of new jobs and brought grocery stores and&hell

Blog
NEWS
News Item
02.06.2023
INVEST South/West breaks ground on its first project of the year in South Shore and brings a $100 million media campus to the area
By: Markayle Tolliver South Shore, Chicago, IL | This afternoon, Regal Mile Studios along with Mayor Lori Lightfoot, Alderwoman Michelle Harris (8th ward), Jim Reynolds, LOOP Capital CEO, and the&he