News Item
11.29.2016
Case-Shiller Home Price Index September 2016
Today, Standard & Poor’s (S&P) released September 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 September 2016 index value was 137.90 before seasonal adjustment; this translates to a 37.90 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 4.3 percent from 132.21 in September 2015 to 137.90 in September 2016 (an increase over last month’s YOY growth rate of 3.8 percent).
- Chicago’s September 2016 home price level was relatively unchanged from the previous month (137.88 in August compared to 137.90 in September).
- In a press release, Standard & Poor’s Index Committee Managing Director and Chairman David M. Blitzer commented on the Index surpassing its July 2006 historic peak as “marking a shift from the housing recovery to the hoped-for start of a new advance.” Additionally, he noted that, “other housing indicators are also giving positive signals: sales of existing and new homes are rising and housing starts at an annual rate of 1.3 million units are at a post-recession peak.”

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.
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