October Home Prices Rise, But A Full Recovery Remains Elusive

October 27, 2009

Residential

More Housing Numbers ? Different Data, Same Message

case-shiller-oct-sqBeing that it is the fourth Tuesday of the month, today is the day Standard and Poor releases its Shiller-Case housing numbers. They looked at month to month numbers versus the Realtor® Association who basis their findings on a year over year period. According to their statistics, this month?s Case-Shiller home price indices is reporting improved readings for seven months in a row. Essentially, this new report reflects similar data to last month?s figures.

What this means for the Chicago Real Estate Market

When Case Shiller talks about ?Chicago? they are using the Chicago Metropolitan Statistical Area or MSA which, defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will. Keep in mind Chicago?s 77 neighborhoods are thrown in with Joliet and Rockdale Junction in terms of these statistics. With that being defined, they are reporting that Chicago saw an increase in home prices from July 2009 to August 2009 of 1.7%, but a 12.7% decline of year over year prices.

No matter who is pulling the data and how they chart it, the message is the same ? first time buyers and jobs. ?Broadly speaking, the rate of annual decline in home price values continues to improve? says David M. Blitzer, Chairman of the Index Committee at Standard & Poor?s. ?While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement. We see this general trend whether you look at the as-reported data or the seasonally adjusted figures.” But Blitzer cautions that “We do want to remind people of the upcoming expiration of the Federal First-Time Buyer?s Tax Credit in November and anticipated higher unemployment rates through year-end. Both may have a dampening effect on home prices.”

We would like to thank gkristo for sharing today?s photo via the Creative Commons License.
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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain’s Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea’s commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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