Chicago Real Estate Values See June Jump

August 30, 2011

Chicago-area home prices in June posted the biggest increase in the country.

According to the Standard & Poor’s/Case-Shiller Home Price Index, Chicago real estate values increased 3.2 percent from May to June, after increasing 1.7 percent from April.

Compared to June of last year, however, Chicago-area home prices are down 7.4 percent.

Price Reduced Real Estate Sign in Front of Beautiful New Home.In fact, home prices across the Chicago area are now where they were at in mid-2001.

The story is similar nationally. The U.S. National Home Price Index rose 3.6 percent in the second quarter of this year but is down 5.9 percent over the same time last year.

Nationally, home prices are back to their early 2003 levels.

Nineteen of the 20 metropolitan areas sampled by the index posted home-price increases in June; only Portland remained flat.

Like Chicago, Minneapolis also posted a 3.2 percent increase in home prices in June to lead the country. The next closest area was Boston at 2.4 percent.

Despite the increase, home prices in every metropolitan area were down in June 2011 compared to June 2010.

“This month’s report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices.

“We are back to regional housing markets, rather than a national housing market where everything rose and fell together.”

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