There’s good and bad news with the latest S&P/Case-Shiller home price data for the Chicago-area housing market.
The good news? In November 2012, Chicago-area home prices were up 0.8 percent year-over-year.
And the bad? Prices fell for the third straight month. From ChicagoRealEstateDaily.com (a Crain’s Chicago Business enterprise) this morning:
A closely watched index of Chicago-area home prices fell again in November, its third straight drop and the biggest decline among a 20-city index.
The S&P/Case-Shiller index of Chicago-area single-family home prices fell 1.3 percent from October to November after dropping 1.6 percent from September to October and 0.6 percent from August to September, according to a report released this morning.
For the second straight month, Chicago posted the biggest decline in a 20-city index where prices fell.
(Editor’s note: Italics added for emphasis)
A week ago, the Illinois Association of Realtors released housing data for all of 2012. Mary Ellen Podmolik reported in Sunday’s Chicago Tribune:
On Tuesday, the Illinois Association of Realtors reported that home sales in the nine-county Chicago area rose almost 27 percent in 2012 from 2011. The inventory of available area homes in December plunged 37 percent from its year-ago comparison, which has led to multiple-offer scenarios and quicker marketing times. Still, the annualized median price slipped 1.5 percent from 2011.
Those pesky home prices…
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
“Chicago-area home prices fall for third straight month.” ChicagoRealEstateDaily.com. 29 Jan. 2013. (http://www.chicagorealestatedaily.com/article/20130129/CRED0701/130129771/chicago-area-home-prices-fall-for-third-straight-month). 29 Jan. 2013.
Podmolik, Mary Ellen. “Realtors’ dose of optimism tinged with reality.” Chicago Tribune. 25 Jan. 2013. (http://articles.chicagotribune.com/2013-01-25/classified/ct-mre-0127-podmolik-homefront-20130125_1_mabel-guzman-median-price-realtors). 29 Jan. 2013.
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