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Asking Prices in Chicagoland Up 14.2% in February

by Peter Thomas Ricci

Confidence remains strong among Chicagoland home sellers, with asking prices posting yet more increases in February.

Asking prices in the Chicagoland housing market increased 14.2 percent year-over-year in February, according to the latest Price Monitor from Trulia. In addition, prices were up 1.6 percent by quarterly measures, and rents were up 4.3 percent from the year before.

Nationally, though, home prices continued to slow. Though asking prices were up 10.4 percent year-over-year, they were only up 1.9 percent quarter-over-quarter, compared to a 2.5 percent quarterly gain in Nov. 2013, a 3 percent quarterly gain in June 2013 and a 3.5 percent gain in April 2013.

However, as Jed Kolko, Trulia’s chief economist, explained the matter, prices are still rising beyond historic norms: “The quarter-over-quarter increase in February of 1.9 percent implies an annualized rate of almost 8 percent – which is well above the long-term average.”

Interested in how Chicagoland compares with the rest of the nation? Take a look at our infographic below:

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