Feb
26

Case-Shiller Reports Home Price Gains in Chicago

February 26, 2013

Chicago Real Estate PricesThere was good news for Chicago real estate in the release of the S&P/Case-Shiller Home Price index, considered to be the leading measure of home prices.The report which included the final 2012 year to date numbers for 20 Metropolitans Statistical Areas (MSA) showed that Chicago home prices overall increased 2.2 percent for the year.

“Home prices ended 2012 with solid gains,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Housing and residential construction led the economy in the 2012 fourth quarter…..Seasonally adjusted, there were no monthly declines across all 20 cities.”

This is great news for the Chicago real estate market, in which earlier this month it was reported by Re/Max that overall sales in the metro area were up 27 percent for 2012 versus 2011.

These two pieces of data, rising prices coupled with increased sales, bode well for an ongoing recovery of the previously sluggish Chicago real estate market.

The S&P/Case-Shiller Home Prices Index part of the S&P Dow Jones Indices has been published since early 2006.  It is constructed to accurately track the price path of typical single-family homes in each of the metropolitan areas covered.

 

About The Author

Kevin B. Morrow

Read All Stories By Kevin B. Morrow

Kevin B. Morrow is a 25-plus year veteran of sales, marketing and operations with an emphasis in the homebuilding industry. As Director of Operations for the Atlanta office of Marketing RELEVANCE, Kevin strives to integrate the different departments of our organization to deliver an excellent, unique and rewarding client experience.

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