Case-Shiller: Chicago Real Estate Prices On The Rise

March 26, 2013

Chicago real estate marketGood news for owners of real estate in Chicago, the release of the highly regarded S&P/Case-Shiller Home Price Index shows continued growth in home prices. The report, which covers 20 cities across the country, said that Chicago home prices posted a year over year increase of 3.3 percent.

Nationally, the numbers were stronger with an 8.1 percent increase for the 12 months ending in January 2013.  The national number appears to have been heavily skewed however by several cities which observed double digit growth this year after having endured some of the biggest drops in values during the housing bubble burst,  including the cities of Phoenix, Las Vegas and Miami.

“The two headline composites posted their highest year-over-year increases since summer 2006.” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “This marks the highest increase since the housing bubble burst.”

Blitzer continued, “Economic data continues to support the housing recovery. Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Despite a slight uptick in foreclosure filings, numbers are still down 25% year-over-year. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels.”

The numbers for Chicago for this, as well as the last several reporting periods, seem to point towards an overall slow yet steady recovery in home values.

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.

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