May was a tough month for home prices in Chicago, with the Windy City lagging behind the rest of nation on both monthly and yearly measures.
May was a good month nationally but a tough month locally for home prices, as the latest FNC Residential Price Index showed the housing recovery affecting the various metropolitan areas in the U.S. differently.
Though home prices rose 0.5 percent from April to May and 4.0 percent year-over-year on the national stage, in Chicago they fell 0.1 percent monthly and 1.4 percent yearly, the latter decline being the worst in the nation. However, year-to-date, prices are up 0.2 percent in Chicago.
But again, on the national stage, things continued to improve. Distressed home sales made up just 13.9 percent of total home sales in May (down from nearly 20 percent a year ago), and home prices have averaged 0.4 percent increases in the last six months.
Interested in how Chicago’s home price woes compare with the rest of the nation? Check out our infographic below: