Markets & Economy

S&P/Case-Shiller Home Price Indices finds Chicago home prices fell in November

The S&P/Case-Shiller Home Price Indices reports 5.3 percent annual increase in nation

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The S&P Case-Shiller Home Price Indices for November 2015 was released January 26 finding that home prices continued to increase over the last 12 months.

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On a national basis, the year-over-year gain was reported at 5.3 percent, just slightly higher than the October increase.

“Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.

“Sales of existing homes were up 6.5 percent in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months’ supply during the year; both numbers suggest a seller’s market.”

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In November 2015, the Chicago Home Price Index was reported at 130.43. On a month-over-month basis, the Home Price Index fell by 0.7 percent. This is just a slightly smaller dip compared with the September to October change, which was 0.8 percent.

On an annual basis, the Chicago index increased by 5.3 percent, on pace with the rest of the nation.

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