Chicago home price recovery lags other major cities
(MCT) — The Chicago area's housing recovery continued to lag behind other cities and the nation, as prices in November fell 1.3 percent from a month earlier, according to a widely watched barometer of the housing market.
On an annual basis, home prices in the Chicago area rose only 0.8 percent in November, the smallest positive gain recorded among the 20 cities included in the S&P/Case-Shiller home price index, released Tuesday.
Nationally, home prices rose 5.5 percent annually for the 20-city composite. Much of that gain can be traced to market improvements in once hard-hit places like Phoenix, where home prices have risen 22.8 percent in 12 months. Other cities recording strong yearly increases included Detroit, up 11.9 percent; Las Vegas, up 10 percent; San Francisco, up 12.7 percent; and Minneapolis, up 11.1 percent.
"Housing is clearly recovering," said David Blitzer, chairman of S&P Dow Jones Indices' index committee. "Prices are rising as are both new and existing home sales."
Most cities saw prices decrease in November from their October levels, which Blitzer tied with the housing market's typical winter weakness.
Nevertheless, Chicago turned in the worst monthly performance among the 20 cities. It was the third consecutive monthly decline for local home prices, which showed signs of strength earlier in 2012.
Condominium values in the Chicago market also fell for the second consecutive month. In November, they were down .9 percent from October but rose 2.7 percent from November 2011.