Case-Shiller Home Price Index, October 2015
Today, Standard & Poor’s (S&P) released October 2015 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 October 2015 index value was 131.40 before seasonal adjustment; this translates to a 31.40 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 1.3 percent from 129.65 in October 2014 to 131.40 in October 2015. This was an improvement over last month’s YOY growth rate of 1.0 percent.
- Chicago was among nine cities that experienced negative monthly rates of change. Chicago’s October 2015 home price level decreased by -0.7 percent from the previous month, also falling behind the 10-City and 20-City Composites’ respective 0.0 and 0.1 percent growth rates.
- In a press release, Standard & Poor’s Index Committee Chairman David M. Blitzer pointed to positive consumer outlook and an uptick in residential construction as positive economic conditions supporting the housing market. He added that, “The latest economic projections published by the Fed following the recent rate increase suggest that the Fed funds rate will be around 2.6% in September 2017 compared to a current rate of about 0.5%. These data suggest that potential home buyers need not fear runaway mortgage interest rates.”
The following charts illustrate home price comparison and trends.
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.
Chicago Mayor Lori E. Lightfoot & World Business Chicago Announce the Inaugural Chicago Venture Summit Future-of-Food
More than 600 founders, Fortune 500 leaders, and investors are attending Chicago’s flagship food innovation conference hosted by World Business Chicago. CHICAGO, May 26, 2022 – Chicago Mayor Lori
The Rattan L. Khosa SeedCon is Chicago Booth’s flagship entrepreneurship and venture capital conference. As the world seemed to stand still amidst the COVID-19 pandemic, investors, entrepreneurs, an
World Business Chicago Partners with Global Fintech Leader tastytrade for ThinkChicago Fintech Summit
“Innovation is the many years of study and analysis, which then finds itself in the path of an emerging opportunity” -Linwood Ma, tastytrade CTO World Business Chicago was proud to…
CBO Collective Announces $1 Million Grant from Google.org to Provide Job Placement and Support to Jobseekers from Under-Resourced Chicago Communities
CHICAGO — The Community Based Organization Collective today announced a $1 million grant from Google.org to help place hundreds of jobseekers on Chicago’s South and West sides into in-demand caree