Sep
28

Home Prices in Chicago Move Upward

September 28, 2010

Chicago home prices posted an increase in July. It was a slight increase, but it was still one of the highest of all the major markets in the country.

Standard & Poor’s today released its latest S&P/Case-Shiller Home Price Index, which tracks U.S. home prices.

The composite index of 20 metropolitan U.S. cities increased 0.6 percent in July from June, but in the Chicago area, the home price index rose an entire one percent for the month.

“Home prices crept forward in July. Ten of the 20 cities saw year-over-year gains and only one – Las Vegas – made a new bottom, as the impact of the first time home buyer program continued to fade away,” said David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

“The next few months may give us an idea of the true strength of the housing market, as the temporary economic stimuli will have ended.”

Of the 20 largest markets, 12 cities showed price increases from June to July, and only three cities posted higher gains than Chicago’s one percent:

*Detroit: 1.6 percent

*New York: 1.3 percent

*Washington D.C.: 1.1 percent

For a breakdown of all the statistics, visit www.standardandpoors.com.

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