Oct
25

Chicago Home Prices on a Positive Pace

October 25, 2011

A new report on August home values around the country shows Chicago real estate prices increasing for the fourth straight month.

Home prices in the Chicago area rose 1.4 percent in August for the fourth consecutive monthly gain, according to the S&P/Case-Shiller home price index, released Tuesday by Standard & Poor’s.

home with a house for sale by owner sign in front.August home prices around metro Chicago are still 5.8 percent below the values in August 2010. Still, Chicago, and the Midwest, have posted some of the best improvements in the country.

“The Midwest is one region that really stands out in terms of recent relative strength,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices.

“Chicago, Detroit and Minneapolis have all posted very sharp monthly increases going back to May. These markets were some of the weakest during the crisis.”

The 20 metropolitan cities covered by the index saw a mere increase of 0.2 percent in August and are down 3.8 percent compared to August 2010. Out of those 20 cities, only two posted increases from their levels at this time a year ago.

“There was some weakness in the monthly statistics, as 10 of the cities post price declines in August over July. Nationally, home prices are still below where they were a year ago,” said Blitzer.

“The good news is continued improvement in the annual rates of change in home prices. In spring and summer’s seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing.

“With 16 of 20 cities and both Composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data.”

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