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Home prices in Chicago area edged up 1.1% in April

Updated: July 28, 2012 6:19AM

Average home prices in the Chicago area edged up 1.1 percent in April from March but were down 5.6 percent from April 2011, according to the latest Standard & Poor’s/Case-Shiller home price index.

The month-over-month increase was the first since August 2011.

The April report was an improvement over March, when the average price year-over-year dropped 7.1 percent and slid 2.5 percent month-over-month.

Average home prices in the Chicago area are at levels last seen in April and May of 2000, according to the report Tuesday.

Both the 10-city and 20-city composites edged up 1.3 percent month-over-month.

The 10-city composite fell 2.2 percent from April 2011, and the 20-city composite slid 1.9 percent. Both improved from last month.

Eighteen of the 20 metropolitan areas saw increases in annual returns in April compared to March. Only Detroit and New York fared worse in April. With the exception of Detroit, all of the 20 metropolitan areas saw improvements month-over-month. In the Detroit area, the average price dropped 3.6 percent.

“With April 2012 data, we finally saw some rising home prices,” said David Blitzer, chairman of the Index Committee at S&P Indices. “It has been a long time since we enjoyed such broad-based gains. While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign.”

The report comes on the heels of a report released last week by the Illinois Association of Realtors that showed median home prices in the Chicago area edged up 0.1 percent in May from a year earlier, the first increase in more than four years. That report also revealed that median prices in the city of Chicago rose 6.8 percent, the third straight month of increases.

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