Condo Prices Continue to Gain Ground

October 25, 2012 (Jeff Alan)

Prices for condominiums in all five metropolitan areas covered by the S&P/Case-Shiller Home Price Indices continued to improve in July with New York reporting the largest increase in condo prices for the month.

Condo prices in New York improved for the fifth consecutive month, increasing by 2.4 percent from June to July. July’s increase leaves prices for condos in the New York area 5.5 percent above what they were a year ago and at the same level they were at in mid-2005.

Condo prices in Chicago, which had fallen a cumulative 16.8 percent from September through March, registered the second largest increase climbing 2.3 percent in July and follows a 4.2 percent increase in June. July’s increase still leaves prices for condos in the Chicago area 4.7 percent below what they were a year ago and back at the same level they were at in late-2000.

Condo prices in San Francisco also increased for the fifth consecutive month, rising 2.1 percent from June to July pushing prices 8.1 percent higher than a year ago.

Like San Francisco and New York, Los Angeles recorded its fifth consecutive month of price increases, rising 1.6 percent in July and follows a 1.5 percent increase in June. Prices are still 0.1 percent below a year ago.

In Los Angeles, condo prices are currently at late-2003 levels while in San Francisco, home prices are at early/mid-2004 levels

Condominium prices in Boston posted the smallest increase, 0.4 percent, and are 2.5 percent above last year. Prices in the Boston area are at early/mid-2004 levels.

Tags: condo prices, S&P, Case-Shiller Index, Los Angeles, San Francisco, Boston, Chicago, New York, market prices

Source:
Standard and Poor