Oct
26

Home Prices Around Chicago Continue Upward Trend

October 26, 2010

Chicago home prices rose in August for the sixth straight month.

In fact, Chicago was one of the only cities in the country that posted an increase.

Standard & Poor’s released its latest S&P/Case-Shiller Home Price Index on Tuesday to show that Chicago home prices on a non-seasonally adjusted basis increased 0.4 percent from July to August.

The Index, the leading measure of U.S. home prices, tracks the numbers in the 20 largest metropolitan areas.

Open House SignThe only other cities to post an increase were:

*Detroit 0.5%

*Las Vegas 0.1%

*New York 0.2%

*Washington 0.3%

Our 0.4% might be marginal, but did you notice that it was second highest in the nation? That’s something to take to the bank!

“Fifteen of the 20 MSAs and the two Composites saw a decline in the month of August as compared to July levels. The 10- and 20-City Composites fell 0.1% and 0.2%, respectively,” said David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Indeed, the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers’ tax credits.”

To see all the results of this month’s Index, visit www.standardandpoors.com.

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Tracey

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