Mar
28

Chicago Home Prices Hit 11-Year Low

March 28, 2012

Talk about a buyer’s market: Chicago real estate prices are as low as they were more than 11 years ago.

Price Reduced Real Estate Sign in Front of Beautiful New Home.According to the Standard & Poor’s Case-Shiller Index, single-family home prices throughout the Chicago area fell 1.9 percent in January — the fifth straight monthly drop —  and were 6.6 percent lower than they were in January 2011.

The last time Chicago-area home prices were this low was back in January of 2001.

We aren’t the only city suffering. Out of the 19 metropolitan areas across the country the S&P tracks, 16 of them posted home-price decreases for the month of January.

“Despite some positive economic signs, home prices continued to drop,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices. “The 10- and 20- City Composites and eight cities – Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – made new lows.

“Atlanta continues to stand out in terms of recent relative weakness. It was down 2.1% over the month, and has fallen by a cumulative 19.7% over the last six months. It also posted the worst annual return, down 14.8%. Seven of the cities were down by 1.0% or more over the month. With the new lows, both Composites are now 34.4% off their relative 2006 peaks.”

In Chicagoland, prices are 36 percent off their peak in 2006. Buyers, enjoy.

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