The big news today is that nationwide the median home price dropped 5.1 percent to $207,800, from 2006. That’s the biggest decline on record, says Bloomberg News.
That’s not the case for Chicago. Data from the S&P/Case-Shiller Home Price Index shows prices for single-family homes in Chicago at $164,420, down 0.8 percent between September and August of this year, and down 2.5 percent between September 2007 and September 2006 That’s compared to a national drop of 4.4 percent according to Price-Shiller.
In separate data on condo prices from Fiserv, the latest forecast price for Chicago condos is down, said David Stiff, Chief Economist for Fiserv.
Fiserv price change: Q1 2007-2008 down, 1.8 percent.
Fiserv price change forecast for Q1 2008 - 2009 -1.0 percent.
We’ll be revisiting this data when third quarter numbers come out shortly.
The Fiserv data — which is the financial industry's standard that is used in the S&P/Case-Shiller Index — is a "repeat sales index." In this index, data-provider Fiserv finds two or more transactions involving the same property, and in each index, Fiserv compares like property to like property -- condo to condo, single family to single family.
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