Chicago price increases revealed in new S&P CoreLogic Case-Shiller Index
The latest S&P CoreLogic Case-Shiller Indices, released today, reveal continued home price growth during April 2022. Notably, the price increases seen that month rank in the top quintile for the history of all 20 cities included.
The 10- and 20-City Composites were up 19.7% and 21.2%, respectively. However, commenting on the data in a press release, Craig J. Lazzara, managing director at S&P Dow Jones Indices, noted that the numbers reflect a slight deceleration.
Only nine cities saw prices rise faster than they had in March 2022. Among them: Atlanta, Charlotte, Dallas, Miami and Tampa. Prices in Tampa were growing fastest for the second consecutive month (up 35.8% year over year), followed by Miami (up 33.3%), Phoenix (31.3%), Dallas (31%), Charlotte (26.6%) and Atlanta (26.4%).
Although the Midwest showed generally weaker price growth compared to other regions, Chicago prices increased a moderate 13% year over year.
Lazzara also considered the recent rise in interest rates in these findings. “We noted last month that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that had only just begun when April data were gathered,” he said. “A more-challenging macroeconomic environment may not support extraordinary home price growth for much longer.”