Feb
22

Metro Chicago Real Estate Prices Hit New Low

February 22, 2011

December home prices in the metro Chicago real estate market have posted a second consecutive record low since the housing boom of 2006.

According to the latest report from the Standard & Poor’s/Case-Shiller Home Price Index, metro Chicago home prices fell 1.4 percent in December to 117.86, which beats the record low set in November of 119.57.

It is the lowest index level in the Chicago area since March of 2002.

And we aren’t alone. According to the index, 10 other metropolitan areas set new record lows since housing prices peaked in 2006 and 2007: Atlanta, Charlotte, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Seattle and Tampa.

“We ended 2010 with a weak report. The National Index is down 4.1% from the fourth quarter of 2009 and 18 of 20 cities are down over the last 12 months. The National Index is within a percentage point of the low it set in the first quarter of 2009. Despite improvements in the overall economy, housing continues to drift lower and weaker.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

The only major metro area in the country to improve in December was Washington D.C., which posted a 0.3 percent increase. The D.C. market saw a 2010 price increase of 4.1 percent.

Nationally, the home-price index fell 4.1 percent from 2009 to 2010.

In the Chicago metro market, year-over-year home prices dropped 7.4 percent.

A buyer’s market it is.

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Tracey

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