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Report: Home prices fall 2.5 percent in Chicago area

Updated: November 4, 2012 6:17AM

Home prices in the Chicago metropolitan area, weighed down by distressed properties, fell 2.5 percent in August from a year earlier, according to CoreLogic’s home price index report, bucking a national trend that saw the strongest growth in six years.

Excluding distressed sales, Chicago prices rose 1.5 percent.

The report also showed Illinois among states with the biggest price drops.Nationally, prices increased 4.6 percent year-over-year, including distressed sales. It was the biggest such increase since July 2006. Home prices edged up 0.3 percent since July. It marked the sixth straight month of monthly and annual increases.

Among all sales, the report showed prices in the Chicago area edged up 0.5 percent since July.

In Illinois, home prices fell 2.3 percent from August 2011, trailing only Rhode Island which experienced a 2.6 percent decline. Excluding distressed sales, prices rose 1.2 percent.

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