September 18, 2012 (Jeff Alan)

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

Condo prices in Chicago, which had fallen a cumulative 16.8 percent from September through March, increased 4.2 percent in June and follows a 4.7 percent increase in May. June’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 the mid- 2000’s.

Condo prices in San Francisco increased for the fourth consecutive month, rising 2.3 percent from May to June pushing prices 4.8 percent higher than a year ago. Despite the price increases over the last four months, prices in the Bay area have still fallen in 17 of the last 24 months.

Los Angeles also recorded its fourth consecutive month of price increases, rising 1.5 percent in June and follows a 1.2 percent increase in May. Before March’s price increase, condo prices in the Los Angeles area had fallen the previous 19 consecutive months. Prices are still 1.7 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 2.5 percent during June, respectively.

Year-over-year, condo prices in New York are up 3.6 percent from June of 2011, while Boston recorded its fourth consecutive month of year-over-year gains, climbing 1.9 percent above last year. Condo prices in New York have dropped back to early-2005 levels and in Boston prices have fallen back to 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