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Report: Average home prices in Chicago area edge up in August

Updated: October 30, 2012 2:06PM

Average home prices in the Chicago metropolitan area rose 0.7 percent in August from July, but fell 1.6 percent from August 2011, according to the latest Standard & Poor’s/Case-Shiller Home Price index.

The year-over-year decline was worse than the 0.9 percent annual decline in July, and the monthly increase was weaker than the 2.7 percent rise in July as the area continues to feel the impact of foreclosures. But August marked the fifth straight month-over-month increase for the Chicago area.

Nationally, the 10-city and 20-city composites both rose 0.9 percent in August from July. Year-over-year, the 10-city composite rose 1.3 percent, and the 20-city composite rose 2 percent. Chicago was among only three metropolitan areas to show annual declines, including Atlanta, down 6.1 percent; and New York, down 2.3 percent.

The Phoenix area posted the best annual improvement with average prices rising 18.8 percent; followed by Detroit, up 7.6 percent.

Nineteen of the 20 cities in the composites showed monthly gains in August, and for the fifth straight month, both composites had monthly gains.

“The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

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