On Thursday I published a summary of the home price forecast from Zillow/ Pulsenomics along with the implied forecast from the Chicago Case Shiller home price futures market. At the time I did not have the November Case Shiller futures market update available to me so I relied up on the October update. However, over the weekend John Dolan was kind enough to send me his latest update.
This latest update shows a value for the November 2017 contract, which the October update did not have. At 147.1 it implies a 12.0% cumulative appreciation over 3 years, or 3.9% per year, compounded. The November 2016 contract is now at 141.6 – a bit less optimistic than the October update was showing. That now works out to 3.8% per year so the “market” is now coming down a bit in its estimate of home price appreciation in Chicago.
#homepriceforecast #ChicagoRealEstate
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