Condo Prices Improve for a Second Consecutive Month

August 16, 2012 (Jeff Alan)

Condominium prices in all five metropolitan areas covered by the S&P/Case-Shiller Home Price Indices improved for a second consecutive month in May with the Chicago area posting the largest increase of the five metro areas.

Condo prices in Chicago, which had fallen a cumulative 16.8 percent from September through March, increased 4.7 percent in May after a modest 0.7 percent increase in April. May’s increase still leaves prices for condos in the Chicago area 5.1 percent below what they were a year ago and back at the same level they were at in March of 2000.

Condo princes in San Francisco increased for the third consecutive month, rising 3.4 percent from April to May pushing prices 1.6 percent higher than a year ago. Despite the price increases over the last three month, prices in the Bay area have still fallen in 17 of the last 23 months.

Los Angeles also recorded its third consecutive month of price increases, rising 1.2 percent in May and follows a 0.5 percent increase in April. Before March’s price increase, condo prices in the Los Angeles area had fallen the previous 19 consecutive months. Prices are still 3.7 percent below a year ago.

In both Los Angeles and San Francisco, condo prices have dropped back to late-2003 levels.

Along the East Cost, Boston and New York each posted increases of 2.4 and 2.9 percent during May, respectively.

Year-over-year, condo prices in New York are up 3.1 percent from May of 2011, while Boston recorded its third consecutive month of year-over-year gains, climbing 2.4 percent above last year. Condo prices in New York have dropped back to early-2005 levels and in Boston prices have fallen back to early-2004 levels.

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

Source:
Standard and Poor