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Chicagoland home price growth the second-strongest in the nation

by Peter Thomas Ricci

chicagoland-home-sales-september-iar-housing-market-recovery

The Chicagoland area had the second-strongest home price growth in the U.S., according to the latest Case-Shiller Home Price Indices.

Although Chicagoland’s year-over-year increase was among the nation’s lowest at 3.1 percent, it’s monthly increase from March to April (the most recent month of available data) was 2.0 percent, which was second only to Seattle’s 2.1 percent and double the national average.

Here is a detailed chart on the home price breakdown:

Metro Area Price Increase – March to April One-Year Change in Prices
Atlanta 1.3% 6.5%
Boston 1.5% 5.7%
Chicago 2% 3.1%
Dallas 1.3% 8.6%
Denver 1.4% 9.5%
Los Angeles 0.8% 5.9%
Miami 1.1% 6.4%
New York 0.3% 2.6%
Phoenix 0.7% 5.5%
San Francisco 1.5% 7.8%
Seattle 2.1% 10.7%
U.S. National 1% 5%

National home prices continue their ascent

Nationwide, the Case-Shiller was more of the same:

  • The National Home Price Index rose 5.0 percent year-over-year in April, with the 10- and 20-City Composites rising 4.7 and 4.8 percent, respectively.
  • Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities Case-Shiller tracks, with increases of 12.3, 10.7, and 9.5 percent.
  • Month-over-month, the National Index rose 1.0 percent, while the 10- and 20-City Composites rose 1.0 and 1.1 percent. After seasonal adjustments, though, the National Index was up just 0.1 percent, while the 20-City Composite was up 0.5 percent.

“The outlook is not without … uncertainty”

David M. Blitzer, the managing director and chairman of the Index Committee at S&P Dow Jones Indices, stated in the Case-Shiller report that April’s home price increases reflect the overall positivity of the economy, particularly low unemployment and mortgage rates.

However, Blitzer did add that uncertainty remains, especially with the recent developments in Europe.

“The outlook is not without a lot of uncertainty and some risk,” he said. “Last week’s vote by Great Britain to leave the European Union is the most recent political concern, while the U.S. elections in the fall raise uncertainty and will distract homebuyers and investors in the coming months. The details in the S&P/Case-Shiller Home Price data also hint at possible softness. Seasonally adjusted figures in the report show that three cities saw lower prices in April compared to only one city in March. Among the 20 cities, 16 saw either declines or smaller increases in monthly prices in the seasonally adjusted numbers.”

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