Case-Shiller: Chicago Home Now Rewound Back to 2002

It’s time once again for our monthly check-in of the S&P/Case-Shiller Home Price Indices (HPI).

For an explanation of how the Case-Shiller data is calculated, check out their methodology pdf. Also remember that the data released on the last Tuesday of a given month is for the period two months prior (i.e. – February data is released in April).

Here are the basic Case-Shiller stats for the Chicago area* as of February:

February 2009
Month to Month: Down 3.4%
Year to Year: Down 17.6%
Change from Peak: Down 25.1% in 29 months

The following chart shows the Chicago area HPI scaled such that the September 2006 peak is 100% on the y-axis. Data on the x-axis is scaled to display the last time (pre-peak) the Chicago area HPI was at or lower than it was in the latest data (December 2002).

chicago-case-shiller-peak_2009-02

February’s drop in prices backed off slightly from the record high set in January, though it still exceeded the drops seen in November and December on a percentage basis. As of February home prices in Chicago have now “rewound” just over six years.

Here’s a chart of Case-Shiller HPIs for all the markets that Redfin serves, so you can compare the Chicago area’s performance to other areas across the country:

case-shiller-redfin-markets_2009-02

And here’s our final chart, in which we line up the peak Case-Shiller HPI value for each of Redfin’s markets, so we can see how long each market has been declining, and how much it has dropped from the peak.

case-shiller-peak-declines_2009-02

The total price drop in Chicago continued to nudge closer to the path set ten months ago in San Diego, and four months ago in DC. All three markets seem to be tracking fairly close to the Composite-20 index.

*[Case-Shiller defines Chicago as the entire Chicago-Naperville-Joliet, IL Metropolitan Division, which includes all of the following counties: Cook IL, DeKalb IL, Du Page IL, Grundy IL, Kane IL, Kendal IL, McHenry IL, and Will IL.]